2009 (8) TMI 783

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....Revenue. The appeal is admitted on the following substantial question of law :   "Whether the Tribunal's observations that the Assessing Officer may consider the applicability of the provision of section 14A of the Act go beyond its jurisdiction ?"   2. Mr. Sahadevan, advocate appearing for the Revenue waives service.   3. Both the parties agreed that the appeal be disposed....

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....s. 1,50,89,771 was disallowed holding it to be not allowable as business expenditure having not been expended wholly and exclusively for earning any business income.   5. Mr. Mistri further submits that being aggrieved by this part of the order, an appeal was carried to the Commissioner of Income-tax (Appeals) wherein the Commissioner of Income-tax (Appeals) confirmed the order of the Asse....

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....   7. Mr. Mistri submits that so far as the applicability of section 14A of the Act is concerned, it was not pressed into service against the assessee appellant by the Assessing Officer, except to the extent of making a query on that count. The same was replied. After reply from the assessee, he was apparently satisfied. He did not record any adverse findings against the assessee. In his s....

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....f section 14A of the Act and the ratio of the judgment of the Tribunal in the case of Daga Capital Management P. Ltd. [2009] 312 ITR (AT) 1 (Mum) [SB] could have been issued by the Tribunal.   8. In reply, Mr. Sahadevan tried to support the order of the Tribunal but could not take his submissions to the logical end. He practically conceded that the finding of the Tribunal to the extent it ....