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TMI Blog2020 (3) TMI 936X X X X Extracts X X X X X X X X Extracts X X X X ..... the shares and availability of funds on the date of investments are not available on record. Therefore, as submitted for the assessee, the matter needs to be re-examined by the AO. Orders of both the authorities below are set aside and the entire issue of disallowance made under Section 14A read with Rule 8D is remitted back to the file of the Assessing Officer. The Assessing Officer shall re-e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i AR.V. Sreenivasan, JCIT Respondent by : Sh. R. Vijayaraghavan, Advocate ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the Revenue is directed against the order of the Commissioner of Income Tax (Appeals) -3, Chennai, dated 30.08.2017 and pertains to assessment year 2013-14. The assessee filed the crossobjection against the very same order of the CIT(Appeals). The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the Assessing Officer to exclude the investments made in subsidiary companies. 3. On the contrary, Sh. R. Vijayaraghavan, the Ld.counsel for the assessee, submitted that the assessee had sufficient funds for making investments. When the assessee has invested its own funds, according to the Ld. counsel, there cannot be any disallowance. On a query from the Bench when the investments were made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment in the shares, then there cannot be any disallowance towards expenditure. However, the details of the date of investments in the shares and availability of funds on the date of investments are not available on record. Therefore, as submitted by the Ld.counsel for the assessee, the matter needs to be re-examined by the Assessing Officer. Accordingly, orders of both the authorities below are se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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