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TMI Blog2018 (8) TMI 1637X X X X Extracts X X X X X X X X Extracts X X X X ..... mputation raised by assessee by filing rectification application which yet have to be decided - Held that:- We are remanding back this issue to the file of the Assessing Officer and directing the Assessing Officer to decide the rectification application filed by the assessee u/s. 154 within the reasonable time. Needless to say the assessee be given opportunity of hearing by followings principles of natural justice. Ground No. 1.3 is partly allowed for statistical purpose. - ITA No. 3640/Del/2015 - - - Dated:- 23-8-2018 - SH. N.K.SAINI, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER Assessee by: Sh. Khirendra Mohan Gupta, Adv., Ms. Poonam Ahuja, CA Revenue by: Sh. Vijay Kr. Jiwani, Sr. DR ORDER Per Suchitra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l no. 2.2 raised before him in context of mistake in amount of investments taken and omission of averaging of investments as contemplated under the Rule 8D of the Rules. 3. Cairn India Ltd. ( CIL ) is a company incorporated in India under companies Act, 1956 having it registered office at 101. West View, Vear Sawarkar Marg, Prabhadevi, Mumbai, Maharastra 400025. The corporate office of the CIL is situated at 3rd 4th Floor, Vipul Plaza, Suncity, Gurgaon, Haryana- 122002. CIL was incorporated on August 21, 2006 and is a subsidiary of Cain UK Holdings Ltd., which in turn is a wholly owned subsidiary of Cairn Energy Plc, UK which is listed on London Stock Exchange. CIL is listed on the Bombay Stock Exchange Ltd., and National St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enditure earned for earning dividends income vide order sheet entry dated 14.12.2011. In response to this, assessee filed its reply vide letter dated 22.12.2011 wherein the assessee submitted that expenditure of ₹ 12,00,000/- was claimed on the basis of the Quote dated 04.09.2008 received from J.M.financial grievance Pvt. Ltd. The Assessing Officer observed that the assessee claimed the expenditure on the basis of quotation and not on any materialized contract. Also assessee could not provide details of actual expenditure made for earning the dividend income. Hence, the basis of the expenditure claimed by the assessed was not accepted by the Assessing Officer and the expenses incurred for earning the exempt income were calculated as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of investment the matter may be remanded back to the file of Assessing Officer in respect of Ground No. 1.3. 6. The Ld. DR did not oppose the contention raised by the Ld. AR in respect of Ground No. 1.3. 7. We have heard both the parties and perused all the material available on record. The Tribunal for A.Y. 2011-12 held as under : 6. It is thus discernible from page 6 of the assessment order that the Assessing Officer recorded proper satisfaction with regard to the assessee s computation of disallowance and only thereafter moved to compute disallowance u/s 14A of the Act in terms of rule 8D of the Income-tax Rules, 1962. In our considered opinion, the Assessing Officer did record proper satisfaction in terms of section 14(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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