TaxTMI 
TaxTMI 
2011 (3) TMI 1717
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.... R. V. Easwar (President) This is an appeal by the assessee which is a company engaged in the business of investment and finance. We are concerned with the assessment year 2006-07. 2. Though there are five grounds of appeal with several sub-grounds, the only effective issue is whether the departmental authorities have rightly invoked section 14A of the Income Tax Act, 1961, in disallowing a....
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....he assessee. The CIT(A) has also referred to the amount of owned income and borrowed funds and the investments made by the assessee in the aforesaid paragraph. The owned sources amounted to Rs. 89.00 crores and borrowed funds amounted to Rs. 5.00 crores. The investment during the year was Rs. 97.00 crores. Even going by these figures and applying the presumption laid down in the aforesaid judgment....
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....sing Officer. We therefore deem it proper, in the interest of justice, to restore the matter to the file of the Assessing Officer, who shall take a fresh decision with regard to the applicability of section 14A of the Act in respect of the interest after giving adequate opportunity of being heard to the assessee. We also make it clear that the Assessing Officer shall not invoke Rule 8D of the Inco....