2015 (6) TMI 329

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....RDER 1. The Revenue is aggrieved by an order of the Income Tax Appellate Tribunal (ITAT) accepting the assessee's plea with respect to the disallowance under Section 14A read with Rule 8D of the Income Tax Act, 1961. 2. In the given Assessment Year (AY) 2008-09, the assessee was engaged in an independent business and declared income against two heads reported as short terms capital gain ....

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.... Revenue contends that the ITAT's approach is erroneous given the mandate of Rule 8D(2)(ii). It is urged that the assessment made by the CIT(A) after granting partial relief to the assessee was justified and has to be restored. 4. We have considered the submissions. The AO's initially determined disallowance to the extent of Rs. 75,41,105/- as against the tax exemption income earned by ....