2016 (10) TMI 1242

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....va JUDGMENT The appellant - Revenue has preferred the present appeal by raising the following substantial questions of law :- 1. Whether the Tribunal was correct in deleting the disallowance u/s 14A r.w.r. 8D(2)(ii) and 8D (iii) in respect of investments in assets yielding tax free income, holding that the provisions of Section 14A cannot be invoked unless and until there is a receipt of exemp....

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....hority, he is not pressing question Nos.1 and 2. 3. However, he submitted that inadvertently he could not formulate and place on record another question for disallowance of interest, which was contended before the Tribunal and he submitted that he may be permitted to add a question for disallowance of the interest out of the total interest claim considering it non specific and for such purpose he....

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.....22 and 23 which reads as under :- "22. We have perused the orders and heard the rival contentions. Balance sheet of the assessee placed at PB page-53, show its share capital reserved & surplus as under;   As on 31.03.2008 As on 31.03.2009 Increase Share capital 24,53,000 24,53,000 NIll Reserves & Surplus 1,55,43,00,078 1,64,19,66,727 87666649 TOTAL 1,55,67,53,078 1,....

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....erned, this was followed by the very same High Court, while confirming a similar disallowance in the case of Munilal Sales Corpn. Vs CIT 298 ITP 288. Hon'ble Apex court reversed the latter in 298 ITR 298 and hence judgment in Abhishek Industries Ltd., will not further revenue's case any way. On the other hand, assessee is well supported by the decision of Hon'ble Mumbai High Court in the case of R....