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TMI Blog2014 (1) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of notional interest on sticky loans – Held that:- Following assessee's own case for AY 2006-07 in ITA No.2248/K/2010 – Decided against Revenue. Disallowance of depreciation – Plant purchased from amount withdrawn from account with NABARD – Held that:- Following assessee's own case for AY 2006-07 in ITA No.2248/K/2010 – Decided against Revenue. Disallowance on account of the expenses u/s. 14A – Held that:- Following assessee's own case for AY 2006-07 in ITA No.2248/K/2010 – Decided against Revenue. Mismatch in ITS details – Transaction of purchase of shares - Held that:- Assessee being a Public Limited Company and its account being subject to audit by internal Auditor as well as statutory auditors, no unaccounted transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eaf. For this, revenue has raised following ground no.1:- 1. That on the facts and circumstances of the case, Ld. CIT(A) erred in law in deleting the addition of Rs.1,51,61,248/- on account of cess on green leaf without considering the fact that expenses on account of cess on green leaf is related to 100% agricultural operation and SLP is pending before the Hon'ble Supreme Court against the decision of Calcutta High Court in the case of AFT Industries Ltd. Vs. CIT 270 ITR 167 in the light of which Ld. CIT(A) decided the issue in favour of the assessee. 4. Ld. CIT (DR) stated that this issue is covered in favour of the assessee in assessee's own case in ITA No.2248/K/2010 for AY 2006-07 following the judgment of Hon'ble Calcutta High C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd of appeal is dismissed. 7. The next issue in this appeal of revenue is as regards to the order of CIT(A) deleting the disallowance of depreciation on plant and machinery purchased out of amount withdrawn from NABARD. For this, revenue has raised following ground no.3:- "3. That on the facts and circumstances of the case, Ld. CIT(A) erred in law in deleting the disallowance of Rs.27,93,020/- on account of depreciation on plant and machinery purchased out of the amount withdrawn from NABARD." 8. We have heard Ld. CIT(DR) and gone through the written submission filed by assessee. This issue is also decided by Tribunal in assessee's own case for AY 2006-07 in ITA No.2248/K/2010 and CIT(A) following the same has deleted the addition. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of book profit u/s. 115JB." 11. We find from the written submission of assessee wherein it has relied on the decision of Hon'ble Madras High Court in the case of CIT Vs. Kovai Maruthi Papers and Board Pvt. Ltd. 294 ITR 57. We find that the Ld. CIT(DR) stated that this issue is covered in favour of assessee by Tribunal's decision in assessee's own case for AY 2006-07 but he placed reliance on assessment order. We confirm the order of CIT(A) as the same is covered in assessee's own case by Tribunal's decision and this issue of revenue's appeal is dismissed. 12. The next issue in this appeal of revenue is as regards to the order of CIT(A) deleting the addition of Rs.21,17,740/- being mismatch in ITS details. At the time of hearing, Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax Rules, 1962 although the Ld. AO did not establish the nexus of expenditure incurred with the earning of exempted income." 14. The assessee itself disallowed the sum and the AO recorded this fact as under:- "Expenditure on Exempted Income : As per Tax Audit Report a sum of Rs.45,28,096 is disallowable u/s. 14A r.w.r. 8D and since the assessee has himself disallowed the said amount from Computation of Income Tax, no further disallowance will required to be made." 15. Before CIT(A) assessee did not raise any specific issue regarding nexus and even though Rule 8D is applicable from AY 2008-09 and this is confirmed by Hon'ble Bombay High Court in the case of Godrej Boyce Mfg. Co. Ltd. vs. DCIT [2010] 328 ITR 81 (Bom.) and even now b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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