Dy. Commissioner of Income Tax , Circle-1(2), Hyderabad v. Cyient Limited, Hyderabad

ITA 1588/Hyd/2019 | 2016-2017
Pronouncement Date: 28-05-2021 | Result: Dismissed

Appeal Details

RSA Number 158822514 RSA 2019
Assessee PAN AAACI4487J
Bench Hyderabad
Appeal Number ITA 1588/Hyd/2019
Duration Of Justice 1 year(s) 6 month(s) 28 day(s)
Appellant Dy. Commissioner of Income Tax , Circle-1(2), Hyderabad
Respondent Cyient Limited, Hyderabad
Appeal Type Income Tax Appeal
Pronouncement Date 28-05-2021
Appeal Filed By Department
Order Result Dismissed
Bench Allotted DB-B
Tribunal Order Date 28-05-2021
Last Hearing Date 18-03-2021
First Hearing Date 18-03-2021
Assessment Year 2016-2017
Appeal Filed On 30-10-2019
Judgment Text
1 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES : BENCH B HYDERABAD (THROUGH VIDEO CONFERENCE ) BEFORE SHRI S.S. GODARA JUDICIAL MEMBER AND SHRI L.P. SAHU ACCOUNTANT MEMBER I.T.A. NO. 1588 /HYD./2019 ASSESSMENT YEAR : 201 6 - 17 DY.CIT CIRCLE 1(2) VS. M/S CYIENT LIMITED HYDERABAD HYDERABAD [PAN: AAAC I4487J ] (APPELLANT) (RESPONDENT) FOR REVENUE: SHRI ROHIT MUJUMDAR D.R. FOR ASSESSEE: SHRI P AWAN KUMAR CHAKRAPANI AR DATE OF HEARING : 18 /0 3 /2021 DATE OF PRONOUNCEMENT : 28 /05/2021 O R D E R PER S.S. GODARA J.M. THIS R EVENUES APPEAL FOR AY 201 6 - 17 ARISES FROM CIT(A) - 1 HYDERABADS ORDER DATED 27.08.2019 PASSED IN CASE NO. 10412/ 201 8 - 19 INVOLVING P ROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT 1961 FOR SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE REVENUES SOLE SUBSTANTIVE GRIEVANCE RAISED IN THE INSTANT APPEAL CHALLENGES CORRECTNESS OF THE CIT(A)S ORDER RESTRICTING 14A RW RULE 8D DISALLOWANCE OF RS.1 79 22 911/ - TO THE EXTENT OF ASSSESSEES INVESTMENTS RELATING TO EXEMPT INCOME ONLY AS PER TRIBUNALS ORDER IN ITA 1462/H/17 FOR 2 AY 2015 - 16 IN ASSESSEES OWN CASE ITSELF. THERE HAS BEEN NO ILLEGALITY OR IR REGULARITY POINTED OUT FROM THE REVENUE SIDE IN SO FAR AS CORRECTNESS OF CIT(A)S FINDINGS IN PRINCIPLE ARE CONCERNED. HONBLE CALCUTTA HIGH COURTS DECISION IN CIT VS. R EI AGRO PVT. LTD. GA 3022 OF 2013 ITAT 1611/2013 DT. 23.12.2013 HAS ALREADY SETT LED THE ISSUE THAT ONLY THE EXEMPT INCOME YIELDING INVESTMENT S HAVE TO BE CONSIDERED IN COMPUTING THE IMPUGNED DISALLOWANCE THAN ENTIRE SUMS THEREOF . WE THUS DECLINE R EVENUES INSTANT SOLE SUBSTANTIVE GRIEVANCE FOR THIS PRECISE REASON ALONE. 4. THIS R EVENUES APPEAL IS DISMISSED . PRONOUNCED IN OPEN COURT ON 28 TH MAY 2021. SD/ - SD/ - (L.P. SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: THE 28 TH MAY 2021. * GMV COPY OF THE ORDER FORWARDED TO: 1. M/S CYIENT LIMITED 4 TH FLOOR A WING PLOT NO.11 SOFTWARE UNITS LAYOUT INFOCITY MADHAPUR HYDERABAD 500 081. 2. DY.CIT CIRCLE 1(2) HYDERABAD. 3. CIT(A) - 1 HYDERABAD. 4 . PR.CIT - 1 HYDERABAD 5 . DR ITAT HYDERABAD. 6 . GUARD FILE.