2016 (12) TMI 1731

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.... Respondent by : Shri Sunil H. Talati, A.R. ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. With this appeal, the Revenue has challenged the correctness of the order of the Ld. CIT(A)-XX, Ahmedabad dated 19.12.2013 pertaining to A.Y. 2009- 10. 2. The only grievance of the revenue is that the ld. CIT(A) erred in deleting the addition of Rs. 2,22,25,108/- made on account of interest in....

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....to be made u/s. 14A of the Act. The ld. CIT(A) was convinced with the claim and deleted the additions so made by the A.O. 6. Aggrieved by this, the revenue is before us. At the very outset, the ld. counsel for the assessee stated that the issue is squarely covered in favour of the assessee and against the revenue by the decision of the Tribunal in assessee's own case in ITA No. 2630/Ahd/2011 an....

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....t the assessee had sufficient own funds and, therefore, them was no reason to invoke the provisions of Section 14A- of the IT Act. The other plank of argument before us is that the assessee has not claimed that any part of income was totally exempt from the Income Tax. But the fact was that the profit as per P & L A/c was Rs. 7,80,29,871/- against which the assessee has claimed deduction u/s 80IB ....

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....ectfully following this decision as also considering the totality of the facts and circumstances of the case, we are of the considered opinion that learned CIT(A) has rightly held that the provisions of Section 14A have wrongly been invoked in this case. In the result, we hereby affirmed the finding of learned CIT(A) and dismiss this ground of the Revenue. 8. We find that the facts and issues a....