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TMI Blog2019 (4) TMI 411X X X X Extracts X X X X X X X X Extracts X X X X ..... ng both the parties, we condone the delay in filing of appeal and admit the same for hearing. 3. M/s. Shriram Properties Pvt. Ltd, the assessee, is engaged in property development. While making the assessment for the assessment year 2014-15, the Assessing Officer, inter-alia, disallowed brand licence fee and made disallowance under section 14A read with rule 8D. The assessee filed an appeal before the CIT(A). The Ld CIT(A) allowed the appeal relying on this Tribunal decision in assessee's case for the assessment year 2012-13. Aggrieved against that order, the Revenue filed this appeal with the following grounds:- "1. The order of the Ld. CIT(A) is contrary to the law and facts of the case. 2. The Ld. CIT(A) erred in deleting the disall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Shri R. Sivaraman, the Ld.counsel for the assessee. It was brought to the notice of this Bench that an identical issue was considered by this Bench of the Tribunal in Shriram Transport Finance Co. Ltd. v. DCIT in I.T.A. No.454/Mds/2016. This Tribunal vide its order dated 24.08.2016 found that the payment was made by the assessee for using logo which belongs to Shriram Ownership trust. Since the payment was made for using the logo which belongs to Shriram Ownership Trust, this Tribunal found that the payment made by the assessee is in the revenue field. In view of the order of this Tribunal on identical issue, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the claim of the assessee on the ground that there was no income. 6. On the contrary, Shri R. Sivaraman, the Ld.counsel for the assessee, submitted that the assessee has not earned any dividend income during the year under consideration. Placing reliance on the judgment of Madras High Court in Redington (India) Ltd. v. Addl. CIT (2017) 77 taxmann.com 257, the Ld.counsel submitted that on identical circumstances, the Madras High Court found that by applying the matching concept in a year where there is no exempted income, there cannot be any disallowance of expenditure. Therefore, according to the Ld. counsel, the CIT(Appeals) has rightly allowed the claim of the assessee. 7. We have considered the rival submissions on either side and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall determine the amount of expenditure in relation to such income in accordance with the provisions of sub-rule (2). (2) The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts, namely:- (i) the amount of expenditure directly relating to income which does not form part of total income ; (ii) in a case where the assessee has incurred expenditure by way of interest during the previous year is not directly attributable to any particular income or receipt, an amount computed in accordance with the following formula, namely :- A X B C Where A = amount of expenditure by way of interest other than the amount of interest included in clause(i) incurred during the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with and subject to the provisions (including provisions for the levy of additional income-tax) of, this Act in respect of the total income of the previous year of every person: Provided that where by virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly." Thus, where the statute indented that income shall be recognized for taxation in respect of any previous other than that immediately preceding the relevant assessment year, the provision shall expressly state s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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