Income Tax Appeal: 2008-09 allowed, 2009-10 dismissed. Section 14A disallowance deleted, expenses against BCCI income upheld.

The Tribunal partly allowed the appeal for assessment year 2008-09 and dismissed the appeal for assessment year 2009-10. The disallowance under section 14A of the Income Tax Act was deleted based on the argument that investments were made for maintaining controlling interest. However, the deletion of expenses claimed against income received from BCCI was reversed due to lack of supporting evidence provided by the assessee. The decision was rendered on 13/06/2016 by Shri Kul Bharat, JM, and Shri Vikram Singh Yadav, AM.

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Issues Involved:
- Disallowance under section 14A of the Income Tax Act for assessment years 2008-09 and 09-10
- Deletion of expenses claimed against income received from BCCI

Analysis:

Issue 1: Disallowance under section 14A of the Income Tax Act
- The appeals filed by the Revenue for assessment years 2008-09 and 09-10 were against the orders passed by the ld. CIT (Appeals) in Jaipur.
- The Revenue raised grounds related to the disallowance of certain amounts under section 14A of the Income Tax Act.
- The AO disallowed amounts under section 14A and Rule 8D of the IT Rules, which was challenged by the assessee before the ld. CIT (A).
- The ld. CIT (A) deleted the disallowances based on the argument that the investments were made for maintaining controlling interest, rendering section 14A inapplicable.
- The Tribunal upheld the decision of the ld. CIT (A) citing previous rulings and lack of contrary binding precedent brought by the Revenue.
- The Tribunal found no reason to interfere with the order of the ld. CIT (A) and upheld the deletion of disallowances.

Issue 2: Deletion of expenses claimed against income received from BCCI
- The second ground of appeal was against the deletion of expenses claimed against income received from BCCI.
- The ld. CIT (A) deleted the disallowance of expenses based on the presumption that the assessee might have incurred certain expenditure.
- The Tribunal, however, found this approach unjustified as the assessee failed to provide supporting evidence for the claimed expenditure.
- Consequently, the Tribunal set aside the order of the ld. CIT (A) and sustained the disallowance made by the AO, allowing this ground of the Revenue's appeal.

Conclusion:
- The Tribunal partly allowed the appeal for assessment year 2008-09 and dismissed the appeal for assessment year 2009-10.
- The decision was based on the application of section 14A, the relevance of supporting evidence for claimed expenses, and the specific circumstances of each assessment year.
- The orders were pronounced on 13/06/2016 by Shri Kul Bharat, JM, and Shri Vikram Singh Yadav, AM.

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