2019 (2) TMI 819

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....1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 20th November, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). This appeal relates to Assessment Year 2008-09. 2. The Revenue urges the following questions of law for our consideration : (a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was ....

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.... 3. Regarding question nos. (a) and (b) : (a) It is an agreed position between the parties that these two questions were subject matter of consideration by the Tribunal in respect of the same respondent assessee for Assessment Year 2006-07. The Tribunal by its order dated 29th October, 2013 relating to Assessment Year 2006-07 had decided both the issues in favour of the respondent assesse....

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....n no.(c) : (a) In its return of income, the respondent made a suomoto disallowance of Rs. 15.21 lakhs being the expenditure incurred to earn exempt income under Section 14A of the Act. The Assessing Officer disregarded the same and proceeded to disallow an amount of Rs. 1.10 crores under Section 14A of the Act read with Rule 8D of the Rules as expenditure incurred to earn exempt income. Thus, a....

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....r of the respondent. In the above case, the Supreme Court has while considering the issue of disallowing of expenditure incurred to earn exempt income observed as under : " Whether such determination is to be made on application of the formula prescribed under rule 8D or in the best judgment of the Assessing Officer, what the law postulates is the requirement of a satisfaction in the Asse....