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of <h1>ITAT dismisses Revenue's appeals for 2006-07 & 2007-08, upholds CIT(A) orders on disallowance & interest.</h1> <h3>D.C.I.T., Circle 11 (1) New Delhi Versus Engineers India Ltd.</h3> The Revenue's appeals for assessment years 2006-07 and 2007-08 were dismissed by the ITAT. The ITAT upheld the CIT(A) orders regarding the disallowance ... - Issues involved: Appeals by Revenue for assessment years 2006-07 and 2007-08 challenging CIT(A) orders. Issue 1: Disallowance u/s 14A of the Act - Assessee, a Government of India Undertaking, challenged disallowance under section 14A for tax-free income. - Assessing Officer computed disallowance under Rule 8D following ITAT decision. - CIT(A) estimated disallowance at Rs. 25,000 each for both years based on Bombay High Court ruling. - ITAT set aside the matter for AO to examine expenditure nexus with exempt income as per Bombay High Court decision. Issue 2: Interest on Self-Assessment Tax - AO did not allow interest u/s 244A on refund from self-assessment tax. - Assessee claimed interest citing Madras High Court decision. - CIT(A) allowed interest on refund from excess self-assessment tax. - ITAT upheld CIT(A) decision based on Mumbai Bench ruling. In conclusion, ITAT dismissed Revenue's appeals for both years, upholding CIT(A) orders on disallowance u/s 14A and interest on self-assessment tax.
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