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TMI Blog2021 (5) TMI 727X X X X Extracts X X X X X X X X Extracts X X X X ..... interest, was not verified at the level of lower authorities. Therefore, we are of the view that that it will be appropriate to restore this case to the file of Assessing Officer for deciding afresh after verification and examination of the claim of the assessee that it has neither received any refund for assessment year 2009-10 and 2012-13 nor received any intimation regarding the same. Therefore, this ground of the assessee is allowed for statistical purposes. - ITA No. 162/Ahd/2019 - - - Dated:- 4-5-2021 - Shri Mahavir Prasad, Judicial Member And Shri Amarjit Singh, Accountant Member For the Assessee : Shri S.N. Soparkar, A.R. For the Revenue : Shri R.R. Makwana, Sr. D.R. ORDER PER : AMARJIT SINGH, ACCOUNTANT ME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the ld. CIT(A). Before the ld. CIT(A) the assessee submitted that it has made all the investment in the earlier years out of surplus fund of the company and it has not made any new investment during the year on which exempt income was received. The assessee has also submitted that it has not incurred any interest expenses which were related to investment that yield tax free income. However, the ld. CIT(A) has restricted the disallowance to the extent of ₹ 58,07,020/- on the basis of following the decision of his predecessor for A.Y. 2014-15 after taking correct average value of investment. It was also submitted that there was no expenses incurred for administration, conveyance, salary etc. The ld. CIT(A) has not accepted the subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of Ks.l,00,00()/- as expenses relating to the earning of such exempt income. The assessee 's case is that investment on which exempt income has been earned were not made from interest bearing funds as there are no borrowings made by the company which is evident from the balance sheet. Ultimately, applying section I4A r.w.r 8D the iota! disallowance has been worked out to ₹ 5!,6l,079/- by the Learned AO, addition whereof was in turn confirmed by the learned CIT(A). Hence, the instant appeal. 31. We find that this particular issue as already been dealt with by in in ITA No. 1172/Ahd/20I6 for A.Y. 2011-12 in Revenue's appeal whereby and whereunder such disallowance made by the authorities has been deleted by us relying up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore the ld. CIT(A). The ld. CIT(A) has rejected the appeal of the assessee. 8. During the course of appellate proceedings, the ld. counsel has submitted that assessee has neither received any refund for assessment year 2010-11 and 2012-13 nor received any intimation regarding it therefore addition on account of interest u/s. 244A was wrongly made by the Assessing Officer. On the other hand, the ld. Departmental Representative placed reliance on the order of lower authority. 9. Heard both the sides and perused the material on record. The Assessing Officer has made addition on account of interest received u/s. 244A of the Act for the assessment year 2010-11 and 2012-13 on the basis of detail shown in ITS. The claim of the assessee that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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