2017 (11) TMI 918

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.... For the Respondent : None ORDER 1. The Revenue urges three questions of law with respect to AY 2006-07 with respect to the respondent's/assessee's income. The first question relates to disallowance of Rs. 47,11,206/- under Section 14A of the Income Tax Act, 1961 (the Act); second pertains to Rs. 12,25,000/- incurred on account of the expenses, i.e., payments made to two individuals and the ....

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....sold off its shares to an entity in a bid to disinvest itself of the loss making entity. The two individuals to whom the sum of Rs. 12,25,000/- had paid had assisted the assessee in the disinvestment move. The AO - later the CIT (A) - disallowed these amounts holding that the nature of services rendered by such individuals was not clear and the rationale in the expenditure too was not supported by....