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of <h1>Revenue's appeal dismissed for disallowance of expenditure under section 14A for assessment year 1999-2000</h1> <h3>Asstt. Commissioner of Income Tax Versus M/s. K. Raheja Corp. Pvt. Ltd.</h3> The Revenue's appeal against the Commissioner (Appeals) order regarding disallowance of expenditure and application of section 14A for the assessment year ... - Issues involved: Appeal by Revenue against order of Commissioner (Appeals) regarding disallowance of expenditure and application of section 14A for assessment year 1999-2000.Disposal of Appeal:- The appeal was ex-parte as the assessee did not appear despite notice.- The sole issue was disallowance u/s 14A of the Income Tax Act, 1961.- The first appellate authority allowed the appeal based on availability of surplus funds.- The Tribunal upheld the decision citing the increase in non-interest bearing funds compared to investments in shares.- The Tribunal referred to previous decisions regarding the applicability of the Special Bench decision in ITO v/s Daga Capital Management Pvt. Ltd.- The Tribunal also mentioned the reversal of the Mumbai Special Bench decision by the Bombay High Court in Godrej & Boyce Mfg. Co. Ltd. v/s DCIT.- The Bombay High Court's decision in CIT v/s Reliance Utilities & Power Ltd. was cited regarding the presumption of investments made from interest-free funds.- Consequently, the appeal by Revenue was dismissed.Conclusion:- The Tribunal upheld the order of the Commissioner (Appeals) that no expenditure by way of interest is disallowable under section 14A of the Act.- The grounds raised by Revenue were dismissed.
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