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TMI Blog2016 (8) TMI 1425X X X X Extracts X X X X X X X X Extracts X X X X ..... gchand, The Revenue has filed an appeal against the order of the ld. CIT(A)-I, Jaipur dated 29-10-2014 for the assessment year 2010-11 raising therein following grounds of appeal. (i) Whether on the facts in the circumstances of the case and in law the ld. CIT(A) was justified in deleting the addition of Rs. 66,26,803/- made by the AO on account of disallowance of interest expenses on OD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a violation of the Provision of Rule 46A(3) of the Income Tax Rules, 1962. For the sake of convenience and brevity, the concluding para of ld. CIT(A)'s order on both the issues of the assessee are as under:- Page 5 for Ground No. 1- '' I have duly considered the submissions of the appellant and have also gone through the assessment order. I have also considered the submissions made by the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 for Ground No. 2 - ''It is clear from decisions (ibid) that the provisions of rule 8D cannot be invoked on the basis of mere presumption. It is noted that in the present case the provisions of Section 14A read with Rule 8D have been invoked only on the basis of presumption, without bringing out any specific fact with respect to the expenditure incurred for earning exempt income. The AO has not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be sustained. Accordingly, assessee gets relief of Rs. 1,62,04,699/-.'' 2.2 The ld. AR vehemently opposed the submissions of the ld. DR . However, the ld. AR supported the order of the ld. CIT(A). 2.3 We have heard the rival contentions and perused the materials available on record. In nut shell, the issue in question is that the ld. CIT(A) has decided the Ground No. 1 and Ground No. 2 i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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