TMI Blog2017 (1) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... ner of Income-tax-I vs. Gujarat State Fertilizers & Chemicals Ltd. [2013 (7) TMI 701 - GUJARAT HIGH COURT ] we are of the opinion that issue Nos. (iii) and (iv) required to be answered in favour of the assessee and against the revenue. - TAX APPEAL NO. 1249 of 2014 - - - Dated:- 20-7-2016 - MR.JUSTICE KS JHAVERI AND MR.JUSTICE G.R.UDHWANI MR KM PARIKH, SENIOR STANDING COUNSEL FOR THE APPELLANT MR B S SOPARKAR, ADVOCATE FOR THE RESPONDENT ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) By way of this appeal under section 260A of the Income-tax Act, 1961, the appellant-revenue has challenged the order of the Income-tax Appellate Tribunal (hereinafter referred to as the Tribunal ) whereby the Tribunal ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon ble Gujarat High Court vide order dated 25.6.2013 in Tax Appeal No. 126 of 2013? 3. The facts of the case are the assessee filed its original return of income on 30.10.2007 which was revised on 3.2.2009. Thereafter, the Assessing Officer completed assessment under section 143(3) of the Income-tax Act, 1961, on 24.4.2009. While making assessment, the Assessing Officer made certain disallowances. Being aggrieved, the assessee preferred appeal before the Commissioner of Income-tax (Appeals) who allowed the appeal filed by the assessee. Against the order of the Commissioner (Appeals), the revenue preferred appeal before the Tribunal. The Tribunal passed the order as aforesaid. 4. Learned counsel for the revenue Mr. Parikh has conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Commissioner of Income-tax-I v. Gujarat State Fertilizers Chemicals Ltd., reported in (2013) 358 ITR 323 (Gujarat) where this court has held in paragraph Nos. 6 to 6.5 this court has observed as under: 6. So far as the fourth question is concerned, it pertains to addition of ₹ 1,14,43,040/- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under Section 14A of the Act. 6.1 The Assessing Officer on referring to the said provision of Section 115JB(2) of the Act added the said amount considering that any amount of expenditure relatable to the income exempted under Section 10 of the Act shall need to be added in the profit shown in the 'Profit and Loss Account'. 6.2 W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s an expenditure estimated on earning of dividend income under Section 14A of the Act, without reiterating the rationale of confirming deletion of such amount as has been elaborately done at the time of deciding question No.1, this deletion requires to be confirmed. 8. Taking into consideration the evidence on record and considering the decision of this court in the case of Commissioner of Income-tax-I vs. Gujarat State Fertilizers Chemicals Ltd. (supra), we are of the opinion that issue Nos. (iii) and (iv) required to be answered in favour of the assessee and against the revenue. In that view of the matter, we answer questions (iii) and (iv) referred to us in favour of the assessee and against the revenue. The appeal of revenue is di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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