2013 (6) TMI 533

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..... nterpreted correctly by the AO for the impugned assessment year even when the matter has been adjudicated upon and deliberated by the Tribunal in assessee’s own case for the immediately preceding assessment years beginning from 1996-97. As the valuation of stock is not part of the claim of excise duty remaining unpaid. Therefore, it was misapplication of facts and figures in the mind of the AO to .....

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..... . ORDER Per Shri K. K. Gupta, AM. This appeal by the Revenue is on the sole issue that on the facts and circumstances of the case the ld. CIT(A) erred in deleting the addition of Rs.16.53 crores as considered for disallowance u/s 43B of the IT Act by the AO. The Revenue has also agitated that the ld. CIT(A) erred in restricting the disallowance u/s 14A to 1% only. 2. At the outset, the ld. C .....

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..... ata Bench in another case. 3. The ld. DR supported the order of the AO for his submissions. 4. We have heard the rival contentions and carefully perused the material available on record. On careful perusal of facts and circumstances of the case leading to disallowance u/s 43B of the Act by hypothetically holding a view that the claim of the assessee becomes double deduction has not been interpre .....

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..... he judicial citations as relied upon and were before the Tribunal as well as the Hon'ble High Court the matter was actually clarified in so far as the valuation of stock is not part of the claim of excise duty remaining unpaid. Therefore, it was misapplication of facts and figures in the mind of the AO to have discovered double deduction for the purpose of disallowance u/s 43B of the Act. 5. The .....

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..... n jurisdictional Tribunal, I restrict the disallowance at 1% of the dividend income." 5. We do not find any infirmity in the order of the ld. CIT(A) which require no further deliberation on both counts. In the light of the above we dismiss the appeal filed by the revenue. 6. In the result the appeal of the revenue is dismissed. Order pronounced in the court on 19.04.2013.
Case laws, Decisio .....

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