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TMI Blog2014 (2) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... s application – Decided against Assessee. - MA No.208/Mum/2013 & ITA No.498/Mum/2010 - - - Dated:- 27-12-2013 - B R Mittal And Sanjay Arora, JJ. For the Appellant : Shri Rakesh Joshi For the Respondent : Shri Surinder Kumar ORDER:- PER : Sanjay Arora This is a Miscellaneous Application by the Assessee u/s. 254(2) of the Income Tax Act, 1961 ('the Act' hereinafter) directed against the Order by the Tribunal dated 30.04.2013 in its case for the assessment year (A.Y.) 2005-06. 2. The assessee's application concerns the disposal by the tribunal of its additional ground, which reads as under: "On the facts and circumstances of the case and in law, the ld. Assessing Officer has erred in disallowing a sum of Rs.8,59,10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s based on the audited accounts. In any case, there can be no presumption of the expenditure qua which disallowance u./s. 14A has been made and sustained as being not debited in the account books, and which sums up the Revenue's case as made out by the ld. DR. The only option, therefore, under the circumstances available is that the matter is restored back to the file of the AO to allow the assessee an opportunity to show as to how the estimated expenditure of Rs. 8.59 lacs disallowed u/s. 14A as incurred in relation to the tax exempt income, is at either nil or a lesser amount, i.e., per the assessee's books. On this proposition being advanced to the ld. AR, requiring him to make out a prima facie case, only upon which the restoration to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and booked in accounts, being provided by Explanation 1(f) to section 115JB of the Act. Further, the ld. Authorized Representative (AR) on being required to show the basis on which it claims the expenditure disallowed u/s.14A as not representing the actual expenditure, so that no book adjustment in its respect could be made, or is to be made at a lower sum, conceded to the same as being only reasonable. The tribunal being also the same view; the said adjustment being at Rs.8.59 lacs as against the dividend income of Rs.256.38 lacs, found no basis for cancellation or for even a case for restoration of the matter to the assessing authority as having been made out and, accordingly, dismissed the assessee's additional ground. On what basis, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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