TaxTMI 
TaxTMI 
2016 (6) TMI 881
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....sposed off by way of a consolidated order for the sake of convenience. 2. First we take up revenue's appeal for assessment year 2008-09 bearing ITA No. 105/JP/2012 wherein the revenue has raised the following grounds of appeal :- "Whether on the facts and in the circumstances of the case and in law the ld. CIT (A) is justified in - i) Deleting the disallowance of Rs. 44,89,436/- by holding that the case of the assessee is not covered by the provisions of section 14A of I.T. Act despite the fact that the assessee has deployed interest bearing funds in generation of income which do not form part of taxable income. ii) Deleting the addition of Rs. 1,35,341/- made by the AO on account of expenses claimed against in....
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....e with regard to the fact that the assessment under appeal is 2008-09. Therefore, the Rule 8D of the IT Rules would have its application. The ld. D/R submitted that the decision which is relied by the ld. CIT (A) pertains to the A.Y. 2002-03. Therefore, the ld. CIT (A) was not justified in deleting the disallowance. 4.2. On the contrary, ld. Counsel for the assessee supported the order of the ld. CIT (A) and reiterated the submissions as are made in the written submissions. The ld. Counsel submitted that even if it is presumed that there is application of Rule 8D but the disallowance under Rule 8D cannot exceed the exempt income earned during the year under appeal. The ld. Counsel further submitted that even otherwise also the AO has to ....
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....ench in assessee's own case pertaining to A.Y. 2002-03 that provisions of section 14A are not applicable. Since the facts are identical in the year under appeal also, the contention of the assessee throughout has been that the investment wherefrom it has earned exempt income were made for the purpose of maintaining the controlling interest. Therefore, in view of the decision of the Tribunal, provisions of section 14A would not be applicable. The coordinate Bench in assessee's own case in the assessment year 2002-03 had deleted the addition on the basis that provisions of section 14A would not be applicable in the case of the assessee as the investment has been made solely for the purpose of having the controlling interest. There is no chang....
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.... been debited for telephone expenses. The assessee is likely to have incurred some expenses on food and local traveling during the tour with respect to his managerial functions. Apart from the telephone expenses, the expenditure on tour is claimed at Rs. 1 lac which is less than 10% of the total payments made by the BCCI to the assessee for this purpose. It appears to be a reasonable amount of expenditure that is likely to have been incurred by the appellant to discharge his duties. Therefore, the impugned disallowance of Rs. 1,35,341/- is directed to be deleted." However, the AO in the assessment order in para 2 of his order has observed that vide order sheet noting dated 30th November, 2010, assessee was required to file ledger of inco....