TaxTMI 
TaxTMI 
2019 (3) TMI 564
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....se out of the assessment completed u/s 143(3) of the Income Tax Act 1961 (the 'Act'). As common issues are involved, we are proceeding to dispose them off by this consolidated order for the sake of convenience. ITA No. 1035/MUM/2017 Assessment Year: 2011-12 2. The 1st ground of appeal 1.a) On the facts and in the circumstances of the case and in law the Ld. CIT(A) erred in confirming the disallowance under section 14A of the Act read with rule 8D of the Income Tax Rules, 1962 ("The Rules") without appreciating the fact that no expenditure had been incurred by the appellant in relation to earring exempt income. b) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the d....
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....ding the investments (both, at the beginning and at the close of the financial year), income from which is not exempt, while computing disallowance under section 14A of the Act read with Rule 8D of the Rules. 3. During the course of hearing, the Ld. counsel of the assessee submits that he would not like to press ground No. 1(a) to (d). Having considered it, the above grounds of appeal are dismissed as not pressed. We now turn to ground No. 1(e). In a nutshell, the facts are that the assessee filed its return of income for the assessment year (AY) 2011-12 on 30.09.2011 declaring total income at Rs. 1,51,23,13,468/-. During the year under consideration, the assessee had claimed exemption on dividend income of Rs. 56,95,623/-. The Assess....
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....idence before the AO. Thus the ground No. 1(e) is allowed for statistical purposes. 6. The 2nd ground of appeal 2.a) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the adjustment to the book profit computation under section 115JB of the Act in respect of disallowance made under section 14A of the Act without appreciating the fact that no expenses has been incurred for earning income exempt from tax. b) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the adjustment to book profit in respect of disallowance made under section 14A of the Act without appreciating the fact that the provisions of section 14A is applicable only f....
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...., the Ld.CIT(A) has erred in holding the levy of interest under section 234D as mandatory without appreciating the facts of the case and adjudicating the issue on merits. b) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) ought to have appreciated that considering The issues decided in favour of the appellant, interest under section 234D (being consequential in nature) ought to be re-computed. 9. Section 234D has been inserted w.e.f. 01.06.2003 to charge interest on excess refund granted at the time of summary assessment. As per section 234D(1), in any of the following two cases, interest is attracted : Case 1 - if any refund is granted u/s 143(1) but no refund is due on regular assessment. ....
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....on of Rs. 3,04,12,088/- as against the eligible depreciation of Rs. 97,86,646/-. Therefore, he disallowed the excess deprecation of Rs. 2,06,25,442/-. 13. In appeal, the Ld. CIT(A) observed that the issue of allowability of depreciation on the cost of acquisition of assets acquired from TML is decided in favour of the assessee in its own case and also in case of its group concern for earlier years i.e. AY 2007-08 and 2008-09 by the ITAT. The following operative para of the order of the Tribunal in assessee's own case for AY 2008-09, extracted by the Ld. CIT(A) is as under: "The decision in the case of Essar Oil Ltd. as above squarely covered the case of the assessee. Therefore, the AO is directed to take cost of acquisition of s....