2008 (4) TMI 730

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....esident : The assessee is in appeal before us against the order of the learned CIT(A) dt.5-7-2007 for assessment year 2004-05. The assessee is aggrieved against disallowance of Rs. 50,000 on estimate basis. 2. The assessee is a finance company in which public are substantially interested and returned a loss of Rs. 12,91,926/- under the normal provisions of the Income tax Act, 1961 (the Act) ....

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....disallowance of Rs. 50,000. The CIT(A) confirmed the disallowance by holding it to be appropriate and reasonable. 3. The contention of the learned counsel was that sec.14A did not contemplate any estimation of expenses. The learned Departmental Representative relied on the orders of the authorities below. 4. We have duly considered the rival contentions and the material on record. The Delhi ....