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TMI Blog2020 (9) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... ction issued in the case of Beach Miners Co. Pvt. Ltd. [ 2015 (8) TMI 1031 - ITAT CHENNAI] should also apply to the case of the assessee. Tax case appeal is allowed, the findings/observations made by the Tribunal in paragraph 11 of the impugned order are set aside and the order of remand is confirmed. X X X X Extracts X X X X X X X X Extracts X X X X ..... n.com 154] wherein the Court held that only expenses proportionate to earning exempt income could be disallowed under Section 14A of the Act and that Rule 8D of the Income Tax Rules, 1962 is prospective in nature and could not have been made applicable in respect of assessment years prior to 2007 when this Rule was inserted. 8. Reliance is also placed on the decision rendered by us in the case of CIT Vs. M/s.Tamil Nadu Industrial Development Corporation Ltd. [TCA.Nos.509 and 510 of 2018 dated 07.7.2020] and the decision of the Division Bench of this Court, to which, one of us (TSSJ) was a party, in the case of Roca Bathroom Products Private Ltd. Vs. PCIT [reported in (2019) 101 Taxmann.com 395] wherein it has been held that where the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by the Revenue against M/s.Moderate Leasing and Capital Services Private Limited was dismissed." 11. The learned counsel appearing for the respondent - assessee has also placed reliance on (i) the decision of the Delhi High Court in the case of M/s.ACB India Limited Vs. ACIT [reported in (2015) 374 ITR 108]; (ii) the decision of the Bombay High Court in the case of CIT Vs. Reliance Utilities & Power Ltd. [reported in (2009) 313 ITR 340]; and (iii) the judgment of this Court, to which, one of us (TSSJ) was a party, in the case of CIT Vs. Tidel Park Ltd. [TCA.Nos.732 and 733 of 2018 dated 07.7.2020]. 12. We have perused the impugned order passed by the Tribunal and more particularly paragraph 11, which we have extracted above. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tial questions of law framed are left open. No costs. 3. It is pointed out by Mr.R.Vijayaraghavan, learned counsel that there is a slight difference in the instant appeal as the Tribunal has not qualified the order of remand as in the order impugned in T.C.A.No.289/2018. This statement is taken on record. 4. In the light of the above, the Tax Case Appeal is allowed and the finding / observation made by the Tribunal are set aside and the matter is remanded to the Assessing Officer to consider all issues that may be raised before him both by the assessee as well as the Revenue and after affording an opportunity of hearing to the IRP or a counsel to be engaged by him, the Assessing Officer shall take a decision on merits and in accordance wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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