Pr. Commissioner of Income-tax -14 v. IL & FS Financial Services Ltd - 2020-LL-0303-52

Citation	2020-LL-0303-52
Appellant Name	Pr. Commissioner of Income-tax -14
Respondent Name	IL & FS Financial Services Ltd.
Court	HIGH COURT OF BOMBAY
Relevant Act	Income-tax
Date of Order	03/03/2020
Assessment Year	2010-11
Judgment	View Judgment
Keyword Tags	exempt income
Bot Summary:	Heard Mr.Suresh Kumar, learned standing counsel, revenue for the appellant and Mr.Sameer Dalal, learned counsel for the respondent-assessee. This appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 against the order dated 21.09.2016 passed by the Income Tax Appellate Tribunal, I Bench, Mumbai in Income Tax Appeal No. 6498/Mum/2014 for the Assessment Year 2010-11. Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in holding that when the net worth as on 31.03.2010 is in excess of the investment made yielding the exempt income, disallowance u/s. Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in placing reliance on the Judgment of the jurisdictional High Court in the case of CIT vs. Reliance Utilities Power Ltd. reported in 313 ITR 340 when on facts it is distinguishable 4. On going through the order passed by the Tribunal, we fnd that the Tribunal has afrmed the order of the First Appellate Authority and in addition relied upon the aforesaid decision of the Court. Further, we fnd that the issue raised is squarely covered by the decision of this Court in the case of CIT v/s. After hearing learned counsel for the parties and on perusal of the order passed by the Tribunal, we do not fnd any error or infrmity in the view taken by it.

IN HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J. INCOME TAX APPEAL NO. 96 OF 2018 Pr. Commissioner of Income Tax -14 Appellant Versus IL & FS Financial Services Ltd. Respondent Mr.Suresh Kumar a/w. Ms. Sumandevi Yadav for Appellant. Mr.Sameer Dalal for Respondent. CORAM UJJAL BHUYAN & MILIND N. JADHAV, JJ. DATE MARCH 3, 2020. P.C. 1. Heard Mr.Suresh Kumar, learned standing counsel, revenue for appellant and Mr.Sameer Dalal, learned counsel for respondent-assessee. 2. This appeal has been preferred by revenue under Section 260A of Income Tax Act, 1961 ("the Act" for short) against order dated 21.09.2016 passed by Income Tax Appellate Tribunal, "I" Bench, Mumbai ( Tribunal" for short) in Income Tax Appeal No. 6498/Mum/2014 for Assessment Year 2010-11. 3. appeal has been preferred proposing following questions as substantial questions of law : 1. Whether on facts and in circumstances of case and in law, Tribunal is correct in holding that when net worth as on 31.03.2010 is in excess of investment made yielding exempt income, disallowance u/s. 14A r/w.r.8D is not required to be made ? 2. Whether on facts and in circumstances of case and in law, Tribunal is correct in placing reliance on Judgment of jurisdictional High Court in case of CIT vs. Reliance Utilities & Power Ltd. reported in 313 ITR 340 when on facts it is distinguishable ? 4. On going through order passed by Tribunal, we fnd that Tribunal has afrmed order of First Appellate Authority and in addition relied upon aforesaid decision of Court. Further, we fnd that issue raised is squarely covered by decision of this Court in case of CIT v/s.Reliance Utilities & Power Ltd., [2009] 178 Taxman 135 (Bombay). 5. After hearing learned counsel for parties and on perusal of order passed by Tribunal, we do not fnd any error or infrmity in view taken by it. 6. Consequently, we fnd no merit in appeal. Appeal is accordingly, dismissed. [ MILIND N. JADHAV, J. ] [ UJJAL BHUYAN, J. ] Pr. Commissioner of Income-tax -14 v. IL & FS Financial Services Ltd

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