9911796707
TMI Blog2015 (7) TMI 1241X X X X Extracts X X X X X X X X Extracts X X X X ..... .R. O R D E R Per Sanjay Garg, Judicial Member: The aforesaid appeal has been filed by the Revenue against order dated 01.08.2012, passed by the Commissioner of Income Tax (Appeals) hereinafter referred to as CIT(A) raising the following grounds of appeal:- "1.(i) on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing assessee's appeal without adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the State and held as a reasonable method by the Hon'ble Bombay High Court in Godrej & Boyce Mfg. Co. Ltd. 328 ITR 81 (Bom). 2. The facts of the case are that the assessee owns a flat in Delhi which was leased out to the parent company at a monthly rent of Rs. 60,000/-.It has received interest free security of Rs. 75,00,000/-from the said company. The assessee has dividend income of Rs. 20,82,32, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oad, New Delhi. The said flat was given on lease to the Parent Company, Tata Steel Ltd. since March, 1994. The assessee has received rent of Rs. 7,20,000/- from the tenant and also interest free deposits of Rs. 75,00,000/-. The AO has taken into account notional interest on interest free deposit and has adopted ALV for Rs. 18,00,000/- u/s.23(1)(a) of the I.T. Act. On the identical facts, the Hon'b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment Year 2004-2005,2006 and 2007-08 in ITA No 1308, 1238 and 1239 respectively. Thus we find no infirmity in the order passed by the CIT(A) and uphold the same.. In view of the above the ground no. 1 is dismissed. 5. The ground no 2 is against the disallowance of Rs. 1,33,57,138/- under section 14A r.w. rule 8D by the AO . The CIT(A) restricted the disallowance to Rs. 4,77,399/- by observing:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) 22 Taxmann.co. 61 (Delhi-Trib). We have considered the rival arguments and found that the CIT(A) has rightly restricted the disallowance to Rs. 4,77,399/- as the disallowance can not exceed the total expenses claimed in the Profit and Loss Account by the assessee and thus we find no infirmity in the order of CIT(A) and therefore the ground no 2 is dismissed. 7. In view of the dismissal of grou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
