1. Yogendra
Prasad Santosh Kumar Vs. Commissioner of Income Tax, Writ Tax No. 920
of 2013, Date of Order: 21.02.2014, High Court of Allahabad
There is no
provision in Income tax Act which permits withdrawal of an appeal, once
it is filed, and registered. Once right of appeal is exhausted, by party
concerned, and the appeal is filed before appropriate Appellate
Authority, who after receiving same has registered it, there is no
provision in the statute permitting withdrawal thereof.
Three Judge Bench of Apex Court in CIT v. Rai Bahadur Hardutroy Motilal Chamaria (supra) said:
"It is
also well established that an assessee having once filed an appeal
cannot withdraw it. In other words, the assessee having filed an appeal
and brought the machinery of the Act into working cannot prevent the
Appellate Assistant Commissioner from ascertaining and settling the real
sum to be assessed, by intimation of his withdrawal of the appeal."
(Please click here to for judgment)
2. JM Financial Limited Vs. ACIT, ITA No. 4521/Mum/2012, Date of Pronouncement: 26.3.2014, ITAT - Mumbai
No disallowance U/s. 14A in respect of investment in shares of subsidiaries & Joint Ventures
For the year
under consideration the assessee has specifically raised a point before
the AO that 97.82% of the investment is in the subsidiary companies and
joint venture companies and, therefore, no expenditure was incurred for
maintaining the portfolio on these investments or for holding the same.
The assessee has also pointed out that these investments are long term
investment and no decision is required in making the investment or
disinvestment on regular basis because these investments are strategic
in nature in the subsidiary companies on long term basis and, therefore,
no direct or indirect expenditure is incurred. therefore, in the
absence of any finding that any expenditure has been incurred for
earning the exempt income, the disallowance made by the AO is not
justified, accordingly the same is deleted.
(Please click here to for judgment)