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TMI Blog2018 (2) TMI 1367X X X X Extracts X X X X X X X X Extracts X X X X ..... partner. Copy of partnership deed is not available before this Tribunal. Therefore, this Tribunal is unable to find out whether the investment is for business purpose or for earning exempted income. Moreover, the assessee also claims that no exempted income was earned by him. This was also not considered by both the authorities below, thus the matter needs to be reconsidered by the Assessing Officer Appeal of assessee allowed for statistical purposes. - ITA No. 2307/Chennai/2017 - - - Dated:- 16-2-2018 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER Appellant by : Shri K. Meenatchi Sundaram, CA Respondent by : Shri AR.V. Sreenivasan, JCIT ORDER PER N.R.S. GANESAN, JUDICIAL MEM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isallowed a sum of 85,795/- under Rule 8D of the Income-tax Rules, 1962. According to the Ld. representative, the assessee made investment in a partnership firm in which he is also one of the partners in trading business. Therefore, according to the Ld. representative, the investment is not for earning any exempted income. It is for doing business. Moreover, no exempted income was earned by the assessee. Therefore, according to the Ld. representative, in view of the judgment of Madras High Court in Redington (India) Ltd. v. Addl. CIT (2017) 77 taxmann.com 257, there cannot be any disallowance when the assessee has not earned any exempted income. 5. On the contrary, Shri AR.V. Sreenivasan, the Ld. Departmental Representative, submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trading liability or gift, in accordance with law, after giving a reasonable opportunity to the assessee. 8. Now coming to next issue of disallowance of 85,795/- under Rule 8D of Income-tax Rules, 1962. The assessee claims that the investment was made in the partnership firm in which he was also a partner. Copy of partnership deed is not available before this Tribunal. Therefore, this Tribunal is unable to find out whether the investment is for business purpose or for earning exempted income. Moreover, the assessee also claims that no exempted income was earned by him. This was also not considered by both the authorities below. Therefore, this Tribunal is of the considered opinion that the matter needs to be reconsidered by the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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