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TMI Blog2017 (6) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... freight forwarding expenses of ₹ 1.60 lakhs and loss on investment of ₹ 1.90 lakhs. If we exclude both these items, total expenses incurred by the assessee on account of salaries and administrative expenses worked out to around ₹ 96,000/- only. Sales turnover reported by the assessee was ₹ 2.57 crores and hence the above said expenditure of ₹ 96,000/- might relate ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. We have heard the parties and perused the record. The assessee held long term investment of ₹ 161 crores and ₹ 114 crores respectively as on 31.3.2011 and 31.3.2010. The assessee did not make any disallowance u/s. 14A of the Act. When questioned, the assessee submitted that it did not incur any expenditure for the investment activity. The Assessing Officer was not satisfied with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The learned CIT(A) was satisfied with the contentions of the assessee and accordingly, directed the Assessing Officer to delete the disallowance made by the Revenue. Aggrieved, the Revenue has filed this appeal before us. 4. Learned Departmental Representative strongly supported the order passed by the Assessing Officer. 5. Learned AR, in addition to supporting the order passed by the learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he category of strategic investments. Unquoted investment costing ₹ 101.19 crores have been brought forward from immediately preceding year, meaning thereby the assessee did not make any fresh investment during the year under consideration in unquoted investments. Perusal of the profit and loss account would show that the assessee has incurred expenditure towards salaries to the tune of S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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