9911796707
TMI Blog2013 (12) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... : 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 facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in law in holding that provisions of rule 8D for the purpose of disallowance of expenses under section 14A is not applicable for this year as these pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce 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 for adjournment. As there was no attendance on behalf of the assessee, we propose to proceed ex parte. 4. The facts in brief are that the assessee is in the business of investments, leasing, road maintenance and toll collection. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld 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 continuation of its submissions before the CIT(A), submitted the bifurcation of expenses, as under: 7. The assessee, accordingly worked out the disallowance, linked towards tax free income of Rs. 11,59,234/-. 8. This amount, as submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, 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 tune of Rs. 55,36,341/- out of which Rs. 53,94,940/- was paid on debentures and the balance of Rs. 1,41,401/- was paid towards unsecured loans. This clearly shows that no interest was at all attributable towards any loan taken for the purposes of inv ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
