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TMI Blog2013 (12) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... – Decided against assessee. - ITA No. 4395/Mum/2012 - - - Dated:- 22-11-2013 - Shri P. M. Jagtap And Shri Vivek Varma,JJ. For the Appellant : Shri O. P. Singh For the Respondent : None ORDER Per Vivek Varma, JM: The appeal is filed by the department against the order of CIT(A) 17, Mumbai, dated 13.04.2012, wherein, the following grounds have been taken: "1. Whether on the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act that AO has held this method as reasonable for applying in assessee's case for AY 2007-08". 2. The solitary issue pertains to the disallowance under section 14A, restricted by the CIT(A) at Rs. 11,59,234/-, against the disallowance computed by the AO at Rs. 1,33,00,000/-. 3. At the time of hearing, the case was called for, but neither any body attended the case, nor there was any prayer fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8D and added back Rs. 1,33,00,000/-. 5. The assessee, being aggrieved by the decision approached the CIT(A), before whom, the assessee, reiterated its submissions made before the AO and further submitted that Rule 8D, as prescribed, would be applicable from assessment year 2008-09 and onwards. Since, the impugned assessment year is 2007-08, Rule 8D would not be applicable. 6. The assessee, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computed under Rule 8D from assessment year 2008-09 and onwards and that some reasonable disallowance should be made. 11. We have heard the arguments of the DR and have perused the orders of the revenue authorities. In regard to the financial expenses, it is found from the submissions of the assessee, as incorporated in the impugned order of the CIT(A), that the assessee has paid interest to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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