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TMI Blog2019 (2) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... 43 crores and thus after appreciating the documents, CIT(A) rightly appreciated that the investment was not sourced by the assessee from own funds, but was sourced from borrowed funds. Moreover, no new facts have been brought on record before us in order to controvert or rebut the findings so recorded by CIT (A). Therefore, the findings of the revenue authorities were un-rebutted and thus there are no reasons for us to interfere into or deviate from the findings recorded by the CIT (A). - Decided against assessee. - I.T.A. No. 831/Mum/2017 - - - Dated:- 28-12-2018 - Sh. Sandeep Gosain, JM And Sh. Manoj Kumar Aggarwal, AM For the Appellant : None For the Respondent : Shri Rajeev Gubgotra, DR ORDER PER SANDEEP GOSAIN, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the year under consideration was e-filed on 28.09.12 declaring total income of ₹ 1,95,20,940/-. Subsequently, the case was selected for scrutiny and after serving statutory notice and seeking reply, order of assessment u/s 143(3) was passed by AO on 31.03.15 thereby determining the total income at ₹ 3,46,64,173/-. Aggrieved by the order of AO, assessee preferred appeal before Ld. CIT(A) and Ld. CIT(A) after considering the case of both the parties, partly allowed the appeal of the assessee. Now before us, the assessee has preferred the appeal by raising the above grounds. 5. The solitary ground raised by the assessee relates to challenging the order of Ld. CIT(A) in confirming the disallowance u/s 14A r.w.r. 8D o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sallowance u/s 14A has to be made even if they investment is taken as stock-in-trade. i) DH Securities Pvtl Ltd. - ITAT D Bench Mumbai-41 taxman.com 352. ii) Damani Estate Financed P,Ltd, ITAT Mumbai D Bench (2014)41 taxmann.com 462 iii) Sanatan Textrade Ltd. 1TAT Mum 'A Bench -2010 4 1TR (Trib) 693 iv) Daga Capital Management Pvt.Ltd.117 1TD 169(2008)(Mumbai ITAT-SB) 4.2.1. It is also noticed from the 3CD report at column no. 17(I) that appellant is required to make disallowance u/s 14A of ₹ 2,04,750/-. It is mentioned in 3CD report at column (I) as under:- (i) amount of deduction inadmissible in terms of section 14A in respect of the expenditure incurred in relation to income which does not form part o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in exempt income earning avenues and earned dividend income during the year, but not made any disallowance by invoking rule 8D. From the records of balance sheet, the assessee s own funds as on 31.03.12 were only ₹ 1.47 crores against the investment of ₹ 48.07 crores. The short term borrowings stands at ₹ 44.43 crores and thus after appreciating the documents, Ld. CIT(A) rightly appreciated that the investment was not sourced by the assessee from own funds, but was sourced from borrowed funds. Moreover, no new facts have been brought on record before us in order to controvert or rebut the findings so recorded by Ld CIT (A). Therefore, the findings of the revenue authorities were un-rebutted and thus there are no reasons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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