2014 (5) TMI 658

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..... S. Sridhar, Advocate ORDER Per Vikas Awasthy, Judicial Member The appeal has been filed by the Revenue against the order of Commissioner of Income Tax (Appeals)-II, Chennai, dated 25.10.2013 relevant to the assessment year 2006-2007. 2. The assessee is a private limited company engaged in the business of clearing & forwarding, manufacturing, trading and ship management services. The assess....

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.... Tax (Appeals) directed the Assessing Officer to exclude freight expenses from export turnover as well as from total turnover in accordance with the decision of the Special Bench of Tribunal in the case of ITO vs M/s. Sak Soft Ltd, reported as 313 ITR(AT) 353. As regards disallowance u/s.14A, the Commissioner of Income Tax (Appeals) held that the provisions of Rule 8D are not applicable in the ass....

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....ecial Bench of the Tribunal in the case of M/s. Sak Soft Ltd (supra) has laid down this principle which has been consistently followed. Keeping in view the decision of Special Bench, we do not find any infirmity in the order of Commissioner of Income Tax (Appeals) on the issue. 5. In the second ground of appeal, the Revenue is aggrieved against restricting of disallowance u/s14A to 0.5% of divide....