9911796707
TMI Blog2012 (2) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... ure which has been incurred in relation to exempt income on reasonable basis. See Godrej & Boyce Mfg. Co. Ltd vs DCIT (2010 (8) TMI 77 - BOMBAY HIGH COURT). Therefore, matter is send back to the file of the A.O. to decide the same afresh - Decided partly in favor of assessee for statistical purposes. - ITA No.6209/Mum/2010 - - - Dated:- 2-1-2012 - S/SHRI D.K.AGARWAL, PRAMOD KUMAR, JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee has claimed dividend income of Rs.12,840/- being exempt u/s 10(34) of the Income Tax Act, 1961(in short the Act). On being asked to give details of expenses incurred for earning exempt income and as to why the expenses incurred and claimed in respect of exempt income should not be disallowed, the assessee stated that no expenses were incurred to earn the dividend income. However, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sal lowance of Rs.1,26,440/- made by the AO u/s 14A of the Act read with Rule 8D of the Income Tax Rules. 5. At the time of hearing, the ld. DR submits that the issue stands covered by the judgment of the Hon ble Jurisdictional High Court in Godrej Boyce Mfg. Co. Ltd., therefore, the issue may be set aside to the fi le of the AO. 6. Having carefully heard the submissions of the ld. DR. and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ine the expenditure which has been incurred in relation to income which does not form part of the total income under the Act. The Assessing Officer must adopt a reasonable basis or method consistent with al l the relevant facts and circumstances after furnishing a reasonable opportunity to the assessee to place al l germane material on the record; Respectful lyfol lowing the above judgment, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
