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TMI Blog2016 (12) TMI 361X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has its own interest free funds available then it should be presumed that the investment has been first made out of interest free funds. This submission of the respondent assessee has been recorded in the impugned order of the Tribunal. However, we find that the same has not been considered while dismissing the respondent assessee's appeal. This non-dealing with the decision of this Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 19th July, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 19th July, 2013 relates to Assessment Year 2008-09. 2. Mr. Murlidhar, learned Counsel appearing for the assessee urges only the following reframed question of law for our consideration : Whether on the facts and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red disallowance of expenditure under Section 14A of the Act to the tune of ₹ 5.46 crores. The Assessing Officer did not accept the same and in terms of Rule 8D of the Income Tax Rule, worked out the total disallowance at ₹ 71.04 crores. The respondent assessee pointed out that the reserve available with it at the beginning of the year was ₹ 9339 crores while investment made in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same by the respondent assessee would make the impugned order suspect. Ex facie, it is a breach of principles of natural justice. Thus, the question is answered in the negative i.e. in favour of the appellant assessee and against the Revenue. 7. In the aforesaid circumstances, the impugned order dated 19th July, 2013 is set aside and the entire appeal is restored to the Tribunal for fresh d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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