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TMI Blog2014 (6) TMI 570X X X X Extracts X X X X X X X X Extracts X X X X ..... rmal rate of 25% - Decided against Revenue. Deletion made u/s 14A r.w Rule 8D of the Rules – Held that:- For the purpose of the clause, only the assets, income from which does not or shall not form part of total income, is to be considered – thus, the investment in the shares in the company whose dividend income is taxable cannot be considered as investment – thus, the matter is remitted back t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S, printers, scanners, networking, CHAR, VAN, Switches. 3. We have heard the arguments of both the sides and perused relevant material placed before us. We find that this issue is squarely covered by the decision of Hon'ble Jurisdictional High Court in the case of CIT Vs. BSES Rajdhani Powers Ltd. vide ITA No.1266/2010 wherein Hon'ble Jurisdictional High Court has held that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the year under appeal is AY 2008-09 and, therefore, Rule 8D was applicable. He, however, stated that there were certain mistakes in the computation of disallowance under Rule 8D. That the Assessing Officer himself vide order under Section 154 dated 23.02.2012 has modified the disallowance to ₹ 35,78,902/- as against ₹ 8,72,92,641/- made in the original assessment order. He stated tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The same should be upheld. 6. Learned DR, on the other hand, stated that this contention of the assessee would require verification. Therefore, the matter may be sent back to the file of the Assessing Officer for examining this aspect. 7. We have carefully considered the arguments of both the sides and perused relevant material placed before us. That sub-clause (iii) of Rule 8D(2) reads as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... direct the Assessing Officer to examine the assessee s contention and exclude the assets, income from which is taxable. Needless to mention that he will allow adequate opportunity of being heard to the assessee while giving effect to our order. 9. In the result, the appeal of the Revenue is partly allowed. Decision pronounced in the open Court on 30th May, 2014. - - TaxTMI - TMITax - I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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