2018 (1) TMI 1375

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....  ITA No.888/Bang/2017 - AY. 2012-13 : 02. Ground no2 & 3 deal with disallowance u/s.14A of the Act. In this regard the AO observed in para 3 that the assessee company made investment in equity shares and worked out the disallowance at Rs. 82,58,623/-. It was mentioned by the AO that the disallowance was made only in respect of Rule 8D(2)(iii). However, no disallowance was made under Rule 8D(2)(i). Therefore it was observed by the AO that the investment of Rs. 1,43,83,46,000/- was made from borrowed funds and invoked the provisions of Rule 8D by calculating the total disallowance at Rs. 15,87,76,338/- as mentioned in para 3.8, as under : Against this the assessee filed an appeal before the CIT (A). 03. The CIT (A) relying up....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... our view the coordinate bench has taken the correct view in the decision of LGW Ltd (supra) and the case of the assessee is covered by the said judgment. Therefore we find no merit in the appeal of the Revenue. There is no change in facts. Therefore following the decision of the coordinate bench of the Tribunal, we dismiss the ground nos.2 and 3 raised by the Revenue. 07. The next ground raised by the Revenue is with respect to the expenditure on issuance of bonds for Rs. 25,00,000/-. The assessee claimed stamp duty expenses amounting to Rs. 2500000/- under the head contingencies. It was clarified to the AO that these are one-time statutory expenses payable at fixed percentage of the value of the bond issued to the public. The expend....