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TMI Blog2012 (2) TMI 572X X X X Extracts X X X X X X X X Extracts X X X X ..... 8-09 dated 07.01.2010. Assessment was framed by ACIT, Circle- 4, Kolkata u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) for Assessment Year 2004-05 vide his order dated 21.11.2006. 2. The only issue in this appeal of revenue is against the order of CIT(A) deleting the addition u/s. 14A of the Act read with Rule 8D of the I. T. Rules, 1962 (hereinafter referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved, assessee preferred appeal before CIT(A), who deleted the entire addition by following the decisions of Hon ble Delhi High Court in the case of Miss Sushama Kapoor (2009) 319 ITR 299 (Del). Aggrieved, revenue is now in appeal before us. 4. We find that Hon ble Bombay High Court in the case of Godrej Boyce Mfg. Co. Ltd. vs. DCIT [2010] 328 ITR 81 (Bom.) has already held applicability of Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer must adopt a reasonable basis or method consistent with all the relevant facts and circumstances after furnishing a reasonable opportunity to the assessee to place all germane material on the record; (vii) The proceedings for the assessment year 2002-03 shall stand remanded back to the Assessing Officer. The Assessing Officer shall determine as to whether the assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable on record and the decisions relied on by the Ld. Authorised Representative of the assessee cited supra. We find that on the issue of disallowance u/s. 14A, this Bench of the Tribunal has been taking a consistent view that this disallowance should be restricted to 1% of dividend income. Following the same, in this appeal also we hold that the disallowance u/s 14A for earning exempt dividen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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