TaxTMI 
TaxTMI 
2018 (7) TMI 1685
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....1. Whether on the facts and the circumstances of the case ld. CIT(A) was justified in deleting the addition of Rs. 23,57,834/- made u/s 14A r.w.r 8D of I.T. Rule 1962 ignoring the fact that dividend income can't be earned without incurring any expenditure whatever including the management and administrative expenditure. 2. Whether on the facts and the circumstances of the case ld. CIT(A) was unverifiable expenses without appreciating the fact that AO specifically pointed out the deficiencies that details like name of person who had incurred the said expenses or details in respect of its nature and purpose business or otherwise, were not mentioned. 3. Whether on the facts and the circumstances of the case ld. CIT(A) was jus....
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....llowed." 4. Per contra, the ld. DR relied on the findings of the Assessing Officer. At the same time, he fairly submitted that similar issue was involved in the earlier years which has been decided in favour of the assessee by the Coordinate Benches. 5. In ITA No. 868/JP/2016 for AY 2010-11 and ITA No. 869/JP/2016 for AY 2011-12, the Coordinate Bench vide its order dated 31.10.2017 under identical sets of facts has held as under: "6. We have heard the rival contentions and perused the material available on record. The assessee company has shown investment of Rs. 3,37,26,325/- as on 31.03.2010 which is identical to the amount of investment shown by the partnership firm M/s KGK Enterprises as on 30.09.2009. The Assessing Office....
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....ct expenses and which thus have a end-use restriction and monitoring by the banks towards the manufacturing and export activity of the appellant. In light of above, we agree with the contention of the assessee that giving the availability of interest free funds over and above the secured loans and also the fact that the secured loans had a specific end-use restriction, the investments have been made from its internal accruals in the earlier years and given that no expenditure has been incurred, no disallowance u/s 14A is warranted. Further, the decision of Hon'ble Bombay High Court in case of HDFC Bank Ltd. (Supra) and Hon'ble Gujarat High Court in case of Gujarat Narmada Valley Fertilizers (supra) also supports the case of the assessee. In....
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....ried over from the previous years and in the previous years, the Coordinate Bench has deleted the disallowance made under section 14A of the Act In light of above, respectively following the decision of the Co-ordinate Bench referred supra, the addition made by the AO under section 14A is hereby deleted and the ground taken by the Revenue is hereby dismissed. 7. In ground No. 2, the Revenue has challenged the deletion of addition of Rs. 11,15,121/- made by the AO on account of unverifiable expenses. The ld. CIT(A) has returned a finding that AO has very subjectively made an adhoc disallowance at the 10% of the total expenses. The ld. CIT(A) has further held that the accounts are audited and no specific defect or instance is pointed out w....
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.... 8D of I.T. Rule 1962 ignoring the fact that dividend income can't be earned without incurring any expenditure whatever including the management and administrative expenditure. 2. Whether on the facts and the circumstances of the case ld. CIT(A) was justified in deleting the addition of Rs. 8,24,558/- made on account of unverifiable expenses without appreciating the fact that AO specifically pointed out the deficiencies that details like name of person who had incurred the said expenses or details of its nature and purpose business or otherwise, were not mentioned. 3. Whether on the facts and the circumstances of the case ld. CIT(A) was justified in deleting the addition of Rs. 1,17,269/- made u/s 36(1)(va) of the Act (i.e....