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TMI Blog2017 (4) TMI 1516X X X X Extracts X X X X X X X X Extracts X X X X ..... of the order of CIT(A)-49, Mumbai, in appeal No. CIT(A)-49/IT-487/2014-15 dated 02-03-2016. The Assessment was framed by DCIT Central Circle-40, Mumbai for the A.Y. 2011-12 vide order dated Nil u/s 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The only issue in this appeal of assessee is against the order of CIT(A) confirming the action of the AO in disallowing the expenses relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the parties from whom secured and unsecured loans are taken. The entire funds of the assessee except small amount pertaining to the partner capital balance are interest bearing funds. Even a lay man on perusal of the financial statement of the assessee firm can decide the issue in the favour of revenue that interest bearing funds were utilized for purchase in shares. Therefore, that the conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see vide Para 2.5 as under: - "2.5 If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, before us the stand of the assessee is that so far as assessment year 2004-05 is concerned it is squarely covere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer is directed to delete the addition made u/s 14A r.w.r 8D of the rules" 5. On query from the Bench the learned Sr. DR agreed that the issue is covered in favour of assessee and against the Revenue but he relied on the orders of lower authorities. 6. After hearing both the sides and going through the facts of the case. We find that the issue is squarely covered in favour of the assessee by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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