PRINCIPAL COMMISSIONER OF INCOME TAX-1 Vs. UTI BANK LIMITED
HIGH COURT OF GUJARAT
Principal Commissioner Of Income Tax-1
Uti Bank Limited
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Akil Kureshi, J. -
(1.) Facts being identical, we may record those arising in Tax Appeal No.382 of 2016.
(2.) Revenue is in appeal against the judgment of Incometax Appellate Tribunal ('the Tribunal' for short) raising following questions for our consideration.
"[A] Whether the Appellate Tribunal has substantially erred in deleting the disallowance of Rs.36.68 crores made u/s 14A of the I.T. Act ?
[B] "Whether the Appellate Tribunal has substantially erred in directing the Assessing Officer to delete the suo moto disallowance of Rs.6.23 crores made by the assessee company in the return of income?
[C] "Whether the Appellate Tribunal has erred in not appreciating the fact that the assessee can only make a new claim which was not made in the original return, by way of filing a revised u/s 139(5) of the Act only, as held by Hon. Supreme Court in the case of Goetze India Ltd vs CIT, 2006 284 ITR 323(Supreme Court)?"
(3.) Though three questions are framed, issue is common viz. disallowance of a global sum of Rs.38.68 crores made by the Assessing Officer under section 14A of the Income Tax Act, 1961 ('the Act' for short). From the record, it emerges that for the assessment year 200203, the respondent assessee itself in the return filed, had made suomotu disallowance of the sum of Rs.6.33 crores under the said head. The Assessing Officer however, made a total disallowance of Rs.38.66 crores. When the matter reached the Tribunal, the assessee raised an additional ground resiling from suomotu disallowance of Rs.6.23 crores. In essence therefore the assessee questioned the entire disallowance made by the Assessing Officer.;
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