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TMI Blog2019 (1) TMI 1213X X X X Extracts X X X X X X X X Extracts X X X X ..... es, as if he is not satisfied with suo motu disallowance made by the respondent. In fact this interpretation of Section 14A(2) of the Act by the Tribunal has now been taken in the case of Godrej & Boyce Manufacturing Co Ltd Vs. Dy. CIT & Anr [2017 (5) TMI 403 - SUPREME COURT OF INDIA] it is not possible to generate the requisite satisfaction with regard to the correctness of the claim of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law, the Tribunal was justified in not considering the fact that the amount of disallowance u/S. 14A of the Income Tax Act, 1961 has to be computed as per Rule 8D of Income Tax Rules, 1962? 3. The respondent is engaged in the business of trading in various items, investment and financing. The respondent was in receipt of exempt income aggregating to ₹ 44 crores. The respondent had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... then it is incumbent upon the Assessing Officer to examine the correctness of such claim and record his dissatisfaction with the claim made, before he proceeds to work out the disallowance under Rule 8D of the Rules. In this case, the impugned order records the fact that no such non-satisfaction with the suo motu disallowance of expenditure has been reached by the Assessing Officer. Therefore, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Vs. Dy. CIT Anr [2017] 394 ITR 449 (SC) wherein it has been observed as under:- Whether such determination is to be made on application of the formula prescribed under rule 8D or in the best judgment of the Assessing Officer, what the law postulates is the requirement of a satisfaction in the Assessing Officer that having regard to the accounts of the assessee, as placed before him, it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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