2012 (8) TMI 639

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....e. Revenue's Appeal: ITA No.861/Hyd/2011 : Assessment year 2006-07 2. The only effective ground of the Revenue in this appeal reads as follows- "The CIT(A) might have upheld the order of the Assessing officer in bringing the accrued interest to tax." 3. At the outset, the learned counsel for the assessee, submitted that the issue involved in the above ground of the Revenue is covered by the decision of the Tribunal in assessee's own case for the assessment year 2005-06, whereby the Tribunal vide its order dated 4.10.2011 in ITA No.508/Hyd/2009, qua para 5, confirmed the action of the CIT(A) in deleting the corresponding addition made by the assessing officer. 4. The Learned Departmental Representative, per contra, supporte....

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.... appeal being identical to those involved in the earlier years, consistent with the view taken by the Tribunal in assessee's own case for the earlier years noted above, we find no infirmity in the impugned order of the CIT(A). The same is accordingly upheld, and the ground of the Revenue in this appeal is dismissed. 6. In the result, Revenue's appeal is dismissed. Assessee's Appeal: ITA No.800/Hyd/2011 : Assessment year 2006-07 7. Now coming to the appeal of the assessee, the only issue involved relates to addition of Rs.6,55,000 made by the assessing officer invoking the provisions of S.14A of the Act, as expenditure relatable to the exempt income. This issue was not there for assessment year 2005- 06 8. Facts of the ca....

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....ed subsequent to the decisions of the Tribunal relied upon by the assessee noted above. 11. We heard the parties and perused the impugned orders of the lower authorities and other material on record. We have also gone through case-law cited by the parties. It is a case where the assessee earned dividend income from mutual funds amounting to Rs.55,14,490/- and claimed exemption under S.10(33) of the Act. For failure to file the details of expenditure incurred by the assessee for earning the said income, the assessing officer made disallowance of Rs.6.55 lakhs. Para 4 of the order of the assessing officer, which contains the discussion for the said disallowance of Rs.6.55 lakhs, reveals that it lacks reasoning and the basis for coming to t....