2014 (9) TMI 1158 - HC - Income Tax

The appeal is admitted on the following substantial question of law in relation to the assessment year 2000-2001 Whether the Tribunal erred in affirming the disallowance on ad hoc estimate @1% of the dividend income, out of the assessee s overall expenditure, under Section 14A and failed to appreciate that Section 14A in relation to dividend income is not relevant, where the investment in securities is not for earning dividend but for the purpose of carrying on the business in compliance with the directions and regulatory control of the Reserve Bank of India over the business of the assessee as a Residuary Non-banking Financing Company? The appellant shall file requisite number of Paper Books within eight weeks from date. Let the matter appear as For Hearing in the Monthly List of February, 2015.

Summary

The High Court of Calcutta admitted an appeal regarding the disallowance of ad hoc estimate on dividend income under Section 14A for the assessment year 2000-2001. The appellant needs to file Paper Books within eight weeks, serve copies to the respondent within two weeks, and the matter will be listed for hearing in February 2015.