2015 (9) TMI 1535

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....see is preferred against the order of the CIT(A)-18, Mumbai, dated 12.10.2012, for A.Y. 2009-10. 2. The first grievance of the assessee relates to the disallowance of Rs. 11,73,666/- made u/s. 14A read with Rule 8D. The assessee is a manufacturer of M S Pipes and readymade garments. While scrutinizing the return of income, the AO noticed that the assessee has not disallowed any expenses u/s. 14A ....

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....er contra, DR strongly supported the findings of the revenue authorities. 4. We have carefully perused the orders of the authorities below. It is an admitted fact that during the year under consideration, the assessee has not earned any income, which is exempt from tax. In a recent decision Hon'ble Delhi High Court in the case of Cheminvest Ltd. (IT Appeal No.749/2014 dated 02.09.2015 arising out....

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....eers Ltd 49,520 iii) Shetty & Associates, Mumbai 1,500 iv) Shipyard Co. 1,47,520 The AO further noticed that in respect of Ahmedabad unit, creditor Tolani Fabricators was outstanding at Rs. 10,08,641/-. The AO made the addition u/s. 41(1) of the Act at Rs. 31,92,089/-. Aggrieved, the assessee carried the matter before the CIT(A) but without any success. 6. Before us, the counsel for the ass....

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..... We have carefully perused the orders of the authorities below and have also gone through Annexure XIII of the statement of account, which is details of Sundry Creditors - Unmoved. We find force in the contention of the learned counsel. The balance outstanding in the name of Acquatech Proflow Pipe Lining Pvt. Ltd, is not Rs. 19,84,908/- but Rs. 9,67,180/- and as per the list of sundry debtors, To....