2014 (9) TMI 1125

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.... Appellant by: Shri O.P. Meena Respondent by: Shri Ancy Kisnadwala O R D E R PER N.K. BILLAIYA, AM:  This appeal by the Revenue and the cross objection by the assessee are directed against the order of the Ld. CIT(A)-39, Mumbai dt.6.11.2012 pertaining to A.Y.2009-10. 2. The sole grievance of the Revenue reads as under: "That the Ld. CIT(A) has erred in law and on fac....

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....upported by an affidavit. We have carefully perused the contents of the application for the condonation of delay alongwith the affidavit. We find that the assessee was prevented by reasonable and sufficient cause therefore the delay of 26 days in filing the cross objection is condoned. ITA No. 1145/M/2013- Revenue's appeal 4. During the course of the assessment proceedings, the Assessing Off....

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....usiness for which neither loan was taken nor any cash payment was made. Therefore, there is no question of allocating interest expenditure. 5.1. After considering the facts and the submissions, the Ld. CIT(A) excluded the investments made in the subsidiary/associate companies and recomputed the disallowance as per Rule 8D and confirmed the disallowance of Rs. 9,52,147/-. 6. The Revenue and t....

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.... 66.68 crores are invested in subsidiary/associate companies. Further, we find that the loan liability of Rs. 25.25 crores as on 31.3.2008 has come down to Rs. 15.61 crores as on 31.3.2009 i.e. year under consideration. This also proves that there are no fresh borrowings during the year under consideration. 9.1. Considering the above stated facts in totality, we do not find any reason for the a....