9911796707
TMI Blog2017 (10) TMI 1340X X X X Extracts X X X X X X X X Extracts X X X X ..... ofar as ITA 348/09 is concerned, among the four issues that were raised before the Tribunal, three issues are in respect of loss on account of revaluation of investment in Government securities, disallowance of expenditure for issue of bonds and broken interest. These questions have already been considered by this court and answered against the Revenue. Issue No.1 and 3 are covered by the judgment in Commissioner of Income Tax v. Nedungadi Bank Limited [264 ITR 545] of this court and the issue No.2 concerning disallowance of expenditure for issue of bonds is covered by the judgment of the Apex Court in India Cements Limited v. Commissioner of Income Tax (1996) 60 ITR 52. The fourth issue was regarding the applicability of Section 14A of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 14A to the facts of the case? 3. Whether, on the facts and in the circumstances of the Case i) Did the Tribunal interpret the scope of Sec.14A? ii) Is not the order of the Tribunal against the intendment of Section 14A of the I.T.Act are not the orders of the Assessing Officer and CIT (A) correct and in accordance with law?" 3. Having heard the Standing Counsel for the Revenue and the learned Senior Counsel for the assessee, we find that these questions are already answered in the judgments rendered by this court and, therefore, should be answered against the Revenue. In the judgment in Commissioner of Income Tax v. Dhanalakshmy Bank Limited [(2012) 344 ITR 259], while discussing the scope of Section 14A and the proviso the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that prohibition introduced in the proviso is only against assessing officers from exercising their powers under Sections 147 and 154 of the Act and since there is no restriction against Commissioner's power under Section 263 he is free to invoke the same and disallow it, consistent with the express provision contained in Section 14A, within the period of limitation provided therein. Senior counsel appearing for the respondent-assessee on the other hand contended that the prohibition in the proviso is against reopening of concluded assessments for periods prior to 1.4.2001 and even though Commissioner's authority under Section 263 is not expressly provided therein, the bar under the proviso applies to him as well. We are of the vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
