2014 (12) TMI 260

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....r. Standing Counsel with Mr. Nitin Gulati, Advocate. ORDER Sanjiv Khanna, J. (Oral) Having heard counsel for the parties, we frame the following substantial question of law in this appeal which relates to the assessment year 2008-09:- "Whether the Income Tax Appellate Tribunal was right in holding that the Assessing Officer had accorded implicit satisfaction under Section 14A(2) of the....

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....s of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this Act. (3) The provisions of sub-section (2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act: Provided that nothi....

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....n and applying Rule 8D of the Income Tax Rules, 1962. 4. Similar interpretation has been given by the Bombay High Court in the case of Godrej and Boyce Mfg. Co. Ltd. versus CIT [2010] 328 ITR 81 (Bombay). 5. The contention raised by the appellant-assessee in the present appeal is that no such satisfaction as mandated and required under Section 14A(2) of the Act was recorded by the Assessing ....

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....ade by the assessee on account of expenditure in relation to exempt income should be accepted and in case the Assessing Officer is not satisfied, he can record his dissatisfaction and thereafter proceed as per law. Learned counsel for the appellant-assessee submits that in preceding two years, pursuant to the order of remand passed by the Tribunal, the matter is pending before the Assessing Office....