9911796707
TMI Blog2009 (1) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... he Revenue's appeal is against the relief allowed by the learned CIT(A) in the calculation of disallowance u/s.14A. Ground numbers 2 and 3 of the assessee's cross objection are also on the same point. Briefly stated the facts of the case are that the assessee received dividend income amounting to ₹ 7,57,755 which was exempt under the Act. The AO made the disallowance u/s.14A by holding that the interest expenditure of ₹ 20,73,370 could not be attributed to the earning of taxable income. He, therefore, made disallowance for this amount u/s.14A. Apart from that, part of managerial and other operative expenses was held to be not allowable as relatable to the dividend income. This amount was calculated at ₹ 7,577 and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmissions we find that the Tribunal has decided this issue in assessee's favour in its order in ITA No.5370/Mum/05 by which the Departmental appeal has been dismissed. The copy of the order dated 26.3.2008 is available on record. Respectfully following the precedent we uphold the impugned order on this issue. 6. Ground No.1 of the assessee's cross objection about the challenging of reopening u/s.147 was not pressed by the learned AR. The same is therefore dismissed. 7. Ground No.4 is against non-adjudication by the learned CIT(A) on deduction u/s.80HHD. The learned A.R. submitted that if the second ground raised by the Revenue is dismissed, then this ground in the assessee's cross objection will become infructuous. In view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port of the order of the learned CIT(A) qua ground No.2 of the Revenue's appeal. In view of our finding given on ground No.2 of the Revenue's appeal, this ground has become infructuous. 12. Ground Nos.3 and 4 of the assessee's cross objection are as under:- 3. The learned ITO/CIT(A) was erred in saying that explanation to section 73 is applicable and thereby treating loss of ₹ 57,004 on purchase and sell of shares of security as speculation loss same be allowed. 4. The learned ITO/CIT(A) as erred in not allowing the set off of carried forward losses of ₹ 28,78,359/- same be allowed. 13. The learned Counsel for the assessee submitted that these issues were raised before the learned CIT(A) vide ground Nos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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