2016 (12) TMI 361

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....sh Kumar a/w Ms. Padma Divakar for the respondent ORDER P. C. 1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 19th July, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 19th July, 2013 relates to Assessment Year 2008-09. 2. Mr. Murlidhar, learned Counsel appearing for the assessee urges only th....

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....es which it claimed was exempt under Section 10 of the Act. In the above view, the respondent offered disallowance of expenditure under Section 14A of the Act to the tune of Rs. 5.46 crores. The Assessing Officer did not accept the same and in terms of Rule 8D of the Income Tax Rule, worked out the total disallowance at Rs. 71.04 crores. The respondent assessee pointed out that the reserve availab....