2015 (9) TMI 1535

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....ountant Member) This appeal by the assessee 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 asses....

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....has been stated before the lower authorities. Per 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. (I....

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....pe Lining Pvt. Ltd. 19,84,908 ii)Sheth & Sura Engineers 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 C....

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....ing new to what had already been mentioned by the lower authorities. 7. 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.....