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TMI Blog2021 (7) TMI 598X X X X Extracts X X X X X X X X Extracts X X X X ..... was admitted by a bench of this Court on the following substantial questions of law: "(1) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance made under Section 14A of the Act by following its earlier order in case of assessee itself which has not reached finality and even when the assessing authority rightly made said disallowance in compliance with Rule 8D of I.T. Rules read with section 14A of the Act? (2) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance of short term capital loss made by assessing authority by following its earlier order which has not reached finality and when assessing autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly allowed. The revenue as well as the assessee filed an appeal before the Income Tax Appellate Tribunal (hereinafter referred to as 'the tribunal' for short). The tribunal by common order dated 13.10.2016 partly allowed the appeal preferred by the assessee as well as revenue. In the aforesaid factual background, this appeal has been filed. 4. Learned counsel for the revenue at the outset submitted that he does not intend to press substantial question of law No.1. With reference to substantial question of law No.2, it is submitted that the tribunal ought to have appreciated that in case of M/s BPL Sanyo supra, the shares were already allotted, whereas, in the instant case, no right accrued to the assessee merely by making payment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eady paid is forfeited. Therefore, we are of the opinion, that the facts and circumstances of the case before us are similar to the facts of the case before the Hon'ble Karnataka High Court, in the case of M/s BPL Sanyo and therefore, we do not find any reason to interfere with the order of the CIT(A). The grounds relating to disallowance of short term capital loss are accordingly, rejected. 7. The aforesaid order has been upheld by the tribunal. It is not in dispute that if against the order passed in the case of the assessee for the Assessment Year 2007-08 an appeal was preferred before this court, which was dismissed in view of the bar contained in the Circular dated 08.08.2019 pertaining to monitory limit. Thus, the order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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