2017 (2) TMI 863

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..... assessee for the purpose of earning the exempt income, by the Appellate Authority and the Tribunal. As such there is no scope for interference with such concurrent findings of facts. We, therefore, are not satisfied that the case involves any substantial question of law.
Aniruddha Bose And Arindam Sinha, JJ. Mr. Dudhoria, Adv. for the Revenue Mr.Gupta, Adv. for the Assessee ORDER Arindam S .....

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..... t the Assessee's non disclosure of his special knowledge?" He submitted that during the relevant year, the assessee earned dividend income of ₹ 6,31,807/- which is exempt under section 10(34) of the Income Tax Act, 1961. The assessee had offered 1% of said exempt income to be treated as expenditure in respect thereof. The Assessing Officer found that there was no basis for such offer and d .....

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..... that where there was a finding of fact given by the Tribunal that the assessee's capital, profit reserve, surplus and current account deposit were higher than the investment in the tax free security, it would have to be presumed that the investment made by the assessee would be out of the interest free funds available with it and dismissal of the appeal of the Revenue by the Tribunal on such a gr .....

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..... s of the average total investments. There could not be any presumption of utilization of borrowed funds. Hence disallowance under section 14A read with Rule 8D(2)(ii)was deleted while disallowance of indirect expenses of ₹ 1,82,346/- by application of Rule 8D(2)(iii) upheld with the direction to allow relief of the sum already disallowed by the appellant itself. On appeal preferred by the R .....

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..... s. In view of the above, we confirm the order of CIT(A) on the common issue……………" We find that this case has yielded concurrent finding of facts regarding expenditure incurred by the assessee for the purpose of earning the exempt income, by the Appellate Authority and the Tribunal. As such there is no scope for interference with such concurrent findings of fact .....

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