2013 (4) TMI 380

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....ed in directing the Assessing Officer to work out the disallowance u/s 14A in terms of the decision of the Bombay High Court in the case of GODREJ & BOYCE MFG CO. LTD instead of directing the AO to delete the same in the light of the representation made by the Appellant. iii) Learned C.I.T. has erred in confirming the disallowance of Rs.76,85,323 u/s 40(a)(ia) of the I.T. Act rejecting the contention of the Appellant that the provisions of the said section were not applicable to the amounts in question. Without prejudice to the above, on the facts and in the circumstances of the case and in law, the learned C.I.T erred in holding that even otherwise the said expenditure was not allowable as a business expenditure for the reason that the li....

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....10-2008 of the ITAT Special Bench, Mumbai in the case Daga Capital Management Pvt. Ltd. Assessee preferred an appeal before the FAA. Following the decision of the Hon'ble Bombay HC the case Godrej & Boyce Mfg. Co.Ltd., he directed the AO to work out the disallowance. 3.1. Before us, AR requested that AO may be directed to consider the bank charges(Rs.1.83 Crores), investments in shares of overseas subsidiary (Rs. 225 lakhs out of Rs. 675.02 lacs) and investment made in Kotak FMP Series 23 while calculating the disallowance. DR relied upon the order of the FAA. 3.2. As the submissions made by the AR are found to be reasonable, AO is directed to calculate disallowance u/s. 14A as directed by the CIT(A), considering the above referred three ....