2013 (7) TMI 1001

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... -16, Mumbai dt.6.6.2011 pertaining to A.Y. 2006-07. 2. The Revenue has raised 4 substantive grounds of appeal. Ground No. 1,2 3 relate to applicability of provisions of Sec. 14A r.w. Rule 8D. Ground No. 4 is consequential to the outcome of the grievance raised by ground No. 1 to 3. 3. During the course of the scrutiny assessment proceedings, the Assessing Officer noticed that the assessee .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 8D. However, the Ld. CIT(A) was also of the firm opinion that some expenses should have been allocated for earning the exempt income. The Ld. CIT(A) noted that in the immediately preceding assessment year i.e. 2005-06 his predecessor has confirmed the addition of ₹ 5 lakhs. Taking a leaf out of the said finding of his predecessor, the Ld. CIT(A) directed the AO to restrict the disallowance .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... sessee in the immediately preceding assessment year i.e. 2005- 06. We, therefore, do not find any reason to interfere or tamper with the findings of the Ld. CIT(A). The disallowance at ₹ 7,50,000/- are confirmed. Ground No. 1,2 3 are taken together are dismissed. 9. Ground No. 4 is consequential. The AO is directed to decide this issue afresh in the light of our decision mentioned herei .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X