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TMI Blog2016 (1) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... t of justice the matter should be restored back to the file of the AO for fresh adjudication. He is directed to decide the issue after affording a reasonable opportunity of hearing to the assessee and after the considering the cases relied upon by the AR before us ,including the matter of Godrej Agrovet Ltd.(supra). Effective ground of appeal is decided in favour of the assessee, in part . - ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. We find that Assessing Officer (AO) was directed to file a report in this regard.Vide his letter dated 3.12.15,the AO has informed that he had recorded the statement of Ramesh Jain, the tax consultant and Shri Praful Wadiwala-the person who had received the order of the FAA, that he has stated that the reasons mentioned by the assessee for filing related appeal were genuine. We have gone throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29,87,636/- u/s. 14A, that the assessee had earned dividend income of ₹ 50.98 lakhs and had claimed exemption u/s.10(34) of the Act, that it had not disallowed any expenditure for earning the income. Accordingly, he made a disallowance of ₹ 28.87 lakhs. 3.Aggrieved by the order of the AO, the assessee preferred an appeal before the FAA. After considering the submission of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sentative (DR) stated that the issue should be decided on merits. 5. We have heard the rival submissions and perused the material before us.We find that the AO had made disallowance of ₹ 29.87 lakhs invoking the provisions of section 14A of the Act, that the FAA had enhanced the disallowance to ₹ 63.63 lakhs as per the provisions of Rule 8D of the Rules. As per the Hon ble Bombay H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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