2018 (8) TMI 1637

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.... and circumstances of the case & in law in confirming an addition of Rs. 2,36,57,592/- on account of notional expenditure incurred to earn the exempt income by invoking Section 14A of the Income Tax Act, 1961 ('the Act') read with Rule 8D of the Income Tax Rules, 1962 ('the Rules'). 1.1 That the Ld. CIT(A) erred in confirming the action of the Ld. AO in making an addition under section 14A of the Act without considering the Appellant's working of actual apportioned cost amounting to Rs. 176,469, which in any case is substantially lower than the amount of Rs. 12,00,000/-, which Appellant suo moto disallowd in its return of income. 1.2 That the Ld. CIT(A) erred in confirming the addition under section 14A of the Act without ....

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...., gas and related by products and other activities incidental to above. The Assessee efiled its return declaring loss of Rs. 1221375868/- on 29.09.2008. The case of the assessee was called for scrutiny. Notice under section 143(2) was issued on 17.09.2009 for 07.10.2009 and duly served. Further, notices u/s 143(2) / 115WE(2) was issued on 12.07.2010 for 19.07.2010 and duly served upon the assessee. The case was represented by Assistant Manager of assessee, he has filed the required particulars as per questionnaire and order-sheet. The books of account were produced and test checked by the Assessing Officer. The Assessing Officer observed that from the audited balance sheet and profit and loss account of the year, it was noticed that the ass....

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....disallowed by the assessee : 12,00,000/- Total : Rs. 23657592/-   Hence an amount of Rs. 23657592/- was added by the Assessing Officer as the expenditure incurred by the assessee to earn exempt income. 4. Being aggrieved by the Assessment order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. The Ld. AR submitted that the issue relating to Sec. 14A r.w. Rule 8D is covered against assessee by Tribunal decision in assessee's own case for A.Y. 2011-12 being ITA no. 1459/DEL/2016 order dated 09.10.2017 except issue relating to Ground No. 1.3 wherein the assessee filed Section 154 rectification application in context of mistake in amount of investments taken and omission ....