9911796707
TMI Blog2024 (4) TMI 345X X X X Extracts X X X X X X X X Extracts X X X X ..... se facts show that the assessee is not debiting the expenditure related to the exempted income in its Income Expenditure account and the revenue has failed to pinpoint any specific instance in this regard. Therefore, as following the same we allow this ground of assessee s appeal. - Shri Shamim Yahya, Accountant Member, And Shri Yogesh Kumar Us, Judicial Member For the Appellant : Shri Mahesh Kumar, CA For the Respondent : Ms. Indu Bala Saini, Sr. DR. ORDER PER SHAMIM YAHYA, AM : This appeal filed by the assessee for the assessment year 2011-12 is directed against the Order of Ld. CIT(A)-20, New Delhi dated 08.06.2015. The assessee has raised the following effective grounds :- On the facts and circumstances of the case, the Ld. ACIT has e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts etc. as required. Books of accounts and vouchers were produced during the course of assessment proceedings which were examined on test check basis. During the assessment proceedings, the AO noted that assessee has earned exempt income as dividend of Rs. 34,89,727/- and as Long Term Capital of Rs. 97,46,225/-. AO invoked the provisions of Section 14A to disallow the direct and indirect expenditure incurred in relation to income which does not form part of total income. AO held that assessee did not provide a separate account for earning of exempt income. AO further noted that assessee had maintained a large portfolio and for this purpose had to entail expenses right from deviation of Man Power to indulging in various activities like visit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ical as the finding of the AO vide para no. 5.3 to 5.7 of the impugned scrutiny assessment order dated 29.3.2014 passed u/s. 143(3) of the Act for subject assessment year in support of the impugned disallowance is cut-copy of the previous findings made vide para 3.3 to 3.7 of the impugned scrutiny assessment order dated 31.1.2023 passed u/s. 143(3) for immediately preceding AY 2010-11, which has been found to be legally unsustainable vide common order (supra), making the impugned disallowance also contrary to the binding ratio of the Hon ble Supreme Court in Radhasoami Satsang vs. CIT 193 ITR 321 (SC.). Therefore, he requested to follow the ratio of the aforesaid Tribunal s order dated 13.3.2015 and accordingly allow the Grounds No. Grounds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of the assessee placed at page 23 of the paper book. The STT charge brokerages have also been paid by the assessee from his personal account. The revenue has failed to pinpoint any expenditure debited in the Income Expenditure account for the profession of the assessee. He also pleaded that since the assessee has not incurred any expenditure and revenue has failed to pinpoint any specific instance, therefore, the conditions invoking the provisions of section 14A r/w rule 8D are not fulfilled. These provisions can be invoked only when the Assessing Officer has satisfied himself that the correctness of the claim of the assessee with regard to the expenditure that no expenditure has been debited in the Income and expenditure account relat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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