2013 (10) TMI 524

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....l by the assessee arises out of the order passed by the Commissioner of Income-tax (Appeals) on 07.02.2011, in relation to the assessment year 2007-2008. 2. First ground of the appeal is against the confirmation of disallowance of Rs.6.98 lakh made u/s 14A read with Rule 8D. Briefly stated the facts of the case are that the assessee received certain exempt income. No amount was offered towards ....

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....t back to the AO for working out the disallowance under this provision on some 'reasonable basis' as has been held by the Hon'ble High Court in Godrej & Boyce Ltd. Mfg. Co. (supra). 4. Ground no.2 is against confirmation of addition of Rs.20,29,706 on account of under-valuation of closing stock of power units. Briefly stated the facts of this ground are that the assessee claimed to have generat....

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....which was upheld in the first appeal. 5. After considering the rival submissions and perusing the relevant material on record, we find that there is no material on record to indicate the method of valuation of closing stock by the assessee. Since the assessee sold power units at the average rate of Rs.3.17 per unit, we are of the considered opinion that the same rate can be applied for valuing ....

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....t year should also be valued accordingly. Be that as it may, this ground is dismissed. 6. Ground no.3 is against the confirmation of disallowance of Rs.3.21 lakh being fees charged by Kotak Securities Limited as management fee for managing the investments of the assessee. The learned AR was fair enough to concede that this issue has been decided by the Mumbai Bench of the Tribunal against the a....