2015 (12) TMI 905

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....Sr.Adv. Mr. P. Jhunjhunwala, Adv. And Mr. C.S. Das, Adv. for the Respondent ORDER The Court : The subject matter of challenge in this appeal is a judgment and order 14th May, 2013 by which the learned Tribunal dismissed the appeal preferred by the Revenue. Aggrieved by the order of the Tribunal, the Revenue has come up in appeal. The Assessing Officer applied the Thumb Rule prescribed in Rul....

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....cting the claim of the assessee with regard to expenditure or no expenditure, as the case may be, in relation to exempted income, the AO has to indicate cogent reasons for the same. From the facts of the present case, it is noticed that the AO has not considered the claim of the assessee and straight away embarked upon computing disallowance under Rule 8D of the Rules on presuming the average valu....