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TMI Blog2014 (12) TMI 1404X X X X Extracts X X X X X X X X Extracts X X X X ..... 013 - - - Dated:- 8-12-2014 - SHRI S.V. MEHROTRA, ACCOUNTANT MEMBER AND SHRI A.T. VARKEY, JUDICIAL MEMBER For the Appellant : Shri J.P. Chandrakar Sr. DR For the Respondent : Shri R.S. Singhvi CA Shri Satyajeet Goel CA ORDER PER S.V. MEHROTRA, A.M:- This appeal, preferred by the department, is directed against the order dated 22-03-2013, passed by the CIT(Appeals)-IX, New Delhi in appeal no. 79/09-10 for A.Y. 2007-08. 2. Brief facts of the case are that the assessee, a public limited company, in the relevant assessment year, was carrying on the business of manufacture and sale of pure ghee, skimmed milk powder, whole milk powder etc., under the name and style of Milk Food The company supplies skimmed milk ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing upon the judgment of Hon ble Delhi High Court in Bharti Televentures 331 ITR 502 even the assessee failed to prove its commercial expediency and CIT(A) also held that there was no commercial expediency. 4. Whether on the facts and circumstances of the case, the Ld. CIT(A) erred in not considering the decision in the case of CIT Vs. Abhishek Industries Ltd. 286 ITR 1, in which the Hon ble Punjab and Haryana High Court has held that the onus of establishing the nexus between the interest free funds and advances is on the assessee and receipts from all sources go in common kitty? 5. Whether on the facts and circumstances of the case, the Ld. CIT(A) erred in holding that the proposition laid down by the Hon ble Supreme Court in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t s decision in CIT Vs. Hero Cycles Ltd. 323 ITR 518; and - Hon ble Punjab Haryana High court s decision in CIT Vs. Winsome Textile Industries Ltd 319 ITR 204. 6. We have heard rival contentions and perused the material available on record. In view of the aforementioned decisions, relied upon by the assessee, wherein a consistent view has been taken that where no exempt income is earned, there could not be any disallowance u/s 14A, we find no merit in the ground taken by the Revenue. Accordingly, ground no. 1 is dismissed. 7. Ground nos. 2,3 4: The AO following the order for A.Y. 2006/07, disallowed a sum of Rs. 80,406/-, out of interest claimed u/s 36(1)(iii). Ld. CIT(A) has restored the matter to the file of AO, observing as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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