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TMI Blog2020 (1) TMI 1668X X X X Extracts X X X X X X X X Extracts X X X X ..... ensation, amounting to Rs. 1,49,78,084/-. 2. On the facts and circumstances of the case, the ld CIT(A) has erred in deleting the disallowance u/s 14A r.w. Rule 8D, amounting to Rs. 56,09,080/-." 3. Fact shows that assessee is a public limited company engaged in the business of providing online recruitment, matrimonial and real estate classifieds services in India. 4. It filed its return of income on 29/9/2012 declaring income of Rs. 1579187820/- as per the normal computation. It filed a revised return on 31/3/2014 declaring an income of Rs. 1572900160/-. The assessment under section 143 (3) of the Income Tax Act [ The Act] was passed on 10/3/2015 wherein the income of the assessee was assessed at Rs. 1594165910/-. The learned assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visiting on the basis of percentage of missing during such period subject at the time of exercise of option. The assessee also relied upon the decision of Bangalore bench in case of Biocon Ltd 35 taxman.com 335. The learned assessing officer disallowed the above expenditure holding that above expenditure is not a revenue expenditure, it is not an actual expenditure incurred by the assessee company, Sebi guidelines are not the prerogative for determining the eligibility or otherwise often item for income tax purposes, the shares were the capital of the assessee company and loss to the capital can be considered as a capital loss and not revenue expenditure, provisions of section 145 of the income tax act is mandatory in the case of this tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat coordinate bench in ITA Nos. 1896, 2444 and 2445/Del/2013 in case of the assessee for assessment year 2007-08 to 2009-10 and in ITA No. 2031/Del/2014 for assessment year 2010-11 as well as in ITA No. 3837/Del/2015 for assessment year 2011-12 has considered identical issue in case of the assessee and allowed the claim. Therefore there is no reason to deviate from the same. Thus respectfully following the decision of the coordinate bench for past years in case of the assessee itself, we confirmed the order of the learned CIT(A) in deleting the above disallowance on account of employee stock option scheme. Thus, ground number one of the appeal is dismissed. 10. Second ground of appeal relates to disallowance under section 14 A of the inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowance worked out by the assessee of Rs. 6418148/- and disallowance made by the learned assessing officer of Rs. 12665812/-. AO is in appeal as per ground number two. 12. The learned departmental representative relied upon the order of the assessing officer and The learned authorised representative relied upon the order of the learned CIT(A). 13. We have carefully considered the rival contention and perused the orders of the lower authorities. On careful consideration of the order of the learned CIT(A), it is noted that he has held that only those investments on which dividend income is received during the year should be considered for the purpose of working out average investment for computation of disallowance under rule 8D in acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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