TMI Blog2021 (2) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... aken by this Court in 'PRL. COMMISSIONER OF INCOME TAX AND ANOTHER Vs. M/s. NOVELL SOFTWARE DEVELOPMENT (INDIA) PVT. LTD.' [ 2021 (2) TMI 145 - KARNATAKA HIGH COURT ] - substantial question of law framed in this appeal is answered against the revenue and in favour of the assessee. - I.T.A. NO.685 OF 2015 - - - Dated:- 4-2-2021 - HON BLE MR. JUSTICE ALOK ARADHE AND HON BLE MR. JUSTICE NATARAJ RANGASWAMY APPELLANTS (BY MR. JEEVAN J. NEERALGI, ADV., FOR MR. E.I. SANMATHI, ADV.,) RESPONDENT (BY MR. A. SHANKAR, SR. COUNSEL A/W MR. NARENDRA SHARMA, ADV., FOR MR. M. LAVA, ADV.,) JUDGMENT ALOK ARADHE J. This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act , for shor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12.2011 and determined the total income of the assessee at ₹ 18,18,36,660/- as against the revised income which was mentioned by the assessee to the extent of ₹ 4,79,57,900/- by making certain additions and disallowances. The Assessing Officer also made a disallowance under Section 14A of the Act of ₹ 4,92,78,160/- and under Rule 8D(2)(iii) of the Income Tax Rules, 1962, being 0.5% of ₹ 27,91,520/- totaling to an amount of ₹ 5,20,69,680/-. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), who by an order dated 27.09.2012, partly allowed the appeal and deleted such additions and disallowances made and sustained the disallowance under Rule 8D(2)(ii) of ₹ 3,18,30,602/- as against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this connection, our attention has been invited to paragraph 19 of the order passed by the Tribunal. Learned counsel for the revenue has placed reliance on the decision of this Court in 'COMMISSIONER OF INCOME TAX, BANGALORE Vs. KINGFISHER FINVEST INDIA LTD.' (2020) 121 TAXMANN.COM 233 (KAR). 5. On the other hand, learned Senior counsel for the assessee, while inviting our attention to paragraph 19 of the order passed by the Tribunal, pointed out that it is an admitted fact before the Tribunal that no exempt income was claimed by the assessee during the relevant previous year. It has further been submitted that from the perusal of the letter dated 15.11.2011 which was submitted by the assessee before the Assessing Officer, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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