9911796707
TMI Blog2019 (6) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... and securities have been made out of borrowed funds. It is the submission of the assessee that no borrowed funds have been utilized for making the investment and no new investments have been made during the year. Considering the totality of the facts of the case and in the interest of justice we deem it proper to restore the issue to the files of the Assessing Officer with a direction to verify t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on very old investments as against the amount of ₹ 31,780/- disallowed voluntarily by the assessee while ignoring the judgment of the Apex Court, facts, written submissions and evidences placed on record and rejecting the bonafide explanation of the assessee. Thus, the addition should be deleted." 3. Facts of the case, in brief are that the assessee is a non banking finance company registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 1,35,696/-. While doing so, he computed the disallowance u/s. 14A r/w Rule 8 D at ₹ 1,67,476/-. After deducting the amount of ₹ 31,780/- already disallowance by the assessee itself, the Assessing Officer made the disallowance of ₹ 1,35,656/-. 5. In appeal the Ld. CIT(A) upheld the action of the Assessing Officer. 6. Aggrieved with such order of the CIT(A) the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. Maxopp Investment Ltd. Vs, CIT [2018] 91 taxmann.com 154 (SC) 9. The Ld. DR on the other hand heavily relied on the order of the CIT(A). 10. I have considered the rival arguments made by both the sides and perused the material available on record. I have also considered the various decisions cited before me. I find the Assessing Officer invoking the provisions of section 14A r/w Rule 8D comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the files of the Assessing Officer with a direction to verify the records properly and decide the issue as per fact and law after giving a reasonable opportunity of being heard to the assessee. I hold and direct accordingly. The ground raised by the assessee is allowed for statistical purpose. 11. In the result, the appeal filed by the assessee is allowed for statistical purpose. Order pronoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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