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TMI Blog2014 (11) TMI 1167X X X X Extracts X X X X X X X X Extracts X X X X ..... d under the head "profits and gains of business or profession" is fair and reasonable and it does not call for any interference Disallowance u/s 14A - Held that:- The disallowance confirmed by the CIT (A) is proper but the same is subjected to the correctness of the calculations as per clause (ii) & (iii) of Rule-8D(2) of the IT Rules, 1962. Assessing Officer may examine the correctness before restricting the disallowance as held by the CIT (A). Therefore, in substance, the order of the CIT (A) does not call for any interference. - Revenue appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Ld CIT (A)." 3. At the outset, Shri Venkataraman, Ld Counsel for the assessee brought our attention to the above grounds and mentioned that similar issues were came up before the Tribunal in assessee‟s own case for the AY 2008-2009 vide ITA No.4005/M/2012, order dated 2.8.2013, wherein the ITAT decided the issues in favour of the assessee. In the regard, Ld Counsel for the assessee filed a copy of the said order of the Tribunal (supra) and read out the relevant paras 7 and 12 of the said Tribunal‟s order. 4. On the other hand, Ld DR relied on the orders of the Revenue Authorities. 5. We heard both the parties and perused the orders of the Revenue Authorities as well as the cited order of the Tribunal (supra), dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c and organized activity carried on with a motive of profit and hence ought to be taxed under the head „profits and gains of business or profession‟ is fair and reasonable and it does not call for any interference. Accordingly, the ground no.1 raised by the assessee is allowed. 7. In connection with ground nos.2 and 3, which relate to disallowance u/s 14A, we find the identical issue was decided by the Tribunal in assessee‟s own case for the AY 2008-2009 (supra) vide para 12 of the said order dated 2.8.2013. Therefore, considering the importance of the said para 12 and for the sake of completeness of this order, the same is reproduced which reads as under: "12. We have heard both the parties on this issue and perused th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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