9911796707
TMI Blog2016 (8) TMI 1530X X X X Extracts X X X X X X X X Extracts X X X X ..... lowance u/s 14A r.w.r 8D is not required to be made and therefore, cannot be sustained in view of the foregoing decision. Accordingly, the order of the Ld. Commissioner of Income Tax (Appeal) is set-aside and Ld. Assessing Officer is directed to delete the addition made u/s 14A r.w.r 8D of the rules. Appeals of the assessee are allowed. - ITA Nos. 55 & 56/Mum/2015 - - - Dated:- 4-8-2016 - Shri Joginder Singh, Judicial Member, And Shri Rajesh Kumar, Accountant Member For the Assessee : Shri S.C. Tiwari. For the Revenue : Shri Kailash Kanojiya. ORDER Per Joginder Singh (Judicial Member) Both these appeals are by the assessee for Assessment years 2004-05 and 2009-10 respectively wherein the common ground raised p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s framed under section 143(3) read with section 254 of the Act, determining the total income at ₹ 13,43,14,687/- on 29.12.2006 after making, inter alia, disallowance of ₹ 20,64,825/- under section 14A of the Act on account of expenses alleged to have been incurred to earn income. 2.3 On appeal the learned CIT(A) vide impugned order dated 09.02.2009 directed the Assessing Officer to re-compute the disallowance under section 14A r.w. Rule 8D of the I.T. Rules and also in the light of the decision of the Tribunal in the case of Daga Management Pvt. Ltd. 119 TTJ 289 (Mum.) (SB). The learned Assessing Officer gave effect to the order of the learned CIT(A) and computed the disallowance under section 14A r.w. Rule 8D and thus determ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its acquired and held as stock in trade and since the assessee itself disallowed a sum of ₹ 41,,95,510/- as expenditure attributable to the earning income. The issue is squarely covered by the decision from Hon'ble jurisdictional High Court in CIT vs India Advantage Securities Ltd. (ITA No.1131 of 2013) order dated 13/04/2015, therefore, the disallowance u/s 14A r.w.r 8D is not required to be made and therefore, cannot be sustained in view of the foregoing decision. Accordingly, the order of the Ld. Commissioner of Income Tax (Appeal) is set-aside and Ld. Assessing Officer is directed to delete the addition made u/s 14A r.w.r 8D of the rules. Finally, both the appeals of the assessee are allowed. This order was pronounced in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
