TaxTMI 
TaxTMI 
2009 (12) TMI 617
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....s appeal by the Revenue has been preferred against the order of the learned Commissioner of Income-tax (Appeals)-XII, New Delhi, in Appeal No. 165/2007-08 dated October 24, 2008 for the assessment year 2005-06. Shri Kishore B., senior Departmental representative represented for the Revenue and Shri K. Sampath, advocate represented for the assessee. In the Revenue's appeal, the Revenue has challeng....
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....o relate the expenditure to the tax free dividend, had deleted the addition. It was the submission that the learned Commissioner of Income-tax (Appeals) had followed the decision of the Third Member decision of the Tribunal in the case of Wimco Seedlings Ltd. v. Dy. CIT (Asst.) [2007] 107 ITD 267 (Delhi). It was the submission that after the decision of the learned Commissioner of Income-tax (Appe....
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.... for earning exempted income no expenditure has been incurred, disallowance under section 14A cannot stand. It was the further submission that the allegation of incurring expenditure for earning the exempt income having been made by the Assessing Officer it was for the Assessing Officer to specifically point out the expenditure which he finds was incurred for earning the exempt income. It was the ....
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....rring the expenditure for earning the exempt income is absolutely necessary. Here in the present case, it is noticed that the Assessing Officer has not brought out any specific expenditure, which has been incurred by the assessee for earning of exempt dividend income. In these circumstances, respectfully following the decision of the Punjab and Haryana High Court which is the only decision of a Hi....