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Dcit, New Delhi vs M/S. Mmtc Ltd., New Delhi on 23 April, 2018

This appeal by Revenue has been directed against the

order of the Ld. CIT(A)-VIII, New Delhi, dated 21st October, 2014,
2
ITA.No.243/Del./2015 M/s. MMTC Ltd.,
New Delhi.

for the A.Y. 2001-2002, challenging the cancellation of penalty

under section 271(1)(c) of the I.T. Act, 1961.

2. Briefly, the facts of the case as noted in the impugned

order are that the A.O. levied the penalty under section 271(1)(c)

of the I.T. Act on making Disallowance under section 14A of the

I.T. Act,1961 read with Rule 8D of the I.T. Rules. The assessee

is a Government of India Public Sector Enterprise engaged in

the Import and Export of various bulk commodities. It had

earned tax free income of Rs.7.02 crores by way of dividends of

units of US-64, major portion of which was invested by the

assessee in various years prior to previous year relevant to

assessment year under reference. The A.O. made disallowance

under section 14A of the I.T. Act read with Rule 8D of the I.T.

Rule as per discussion in the order passed by the A.O. under

section 250/254/148/ 143(3) dated 15th June, 2010 and made

disallowance of Rs.2,20,84,567/-. The assessee-company has

furnished details of investments which had yielded tax free

investments and availability of its own funds from F.Y. 1990-
3

Source: IK



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Dcit, New Delhi vs M/S. Mmtc Ltd., New Delhi on 23 April, 2018

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