2019 (4) TMI 860

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....RDER P.C.:- 1. Revenue has filed this appeal against the judgment of the Income Tax Appellate Tribunal. Following questions were pressed at the time of arguments:- "( 1) Whether on the facts and circumstances of the case and in law, the ITAT was correct in dismissing the revenue's appeal in respect of the addition of Rs. 50 lakhs made u/s 36(1)(iii) on account of advance share a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f Rs. 2,33,36,058/u/ s 14A read with Rule 8D without appreciating the factual and legal matrix of the case wherein working of the disallowance was submitted by the assessee itself and on similar lines in immediately succeeding Assessment Year 200910, disallowance of Rs. 5,27,15,811/was suo moto offered by the assessee and accepted by the Assessing Officer. 2. Respondentassessee is a limited com....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... for the purpose of earning income. Accordingly, CIT (Appeals) and the Tribunal were of the opinion that the expenditure incurred for earning such income had to be allowed under Section 36(1)(iii) of the Act. We do not find any error in such view. No question of law arises. 3. Second question relates to the addition of Rs. 3.05 crores made by the Assessing Officer while disallowing expenditure ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... The last surviving question relates to disallowance of Rs. 2.33 crores (rounded off) made by the Officer under Section 14(A) r/w Rule 8D of the Income Tax Rules. The revenue has raised several contentions in this respect before the Tribunal which were rejected, such contentions also repeated before us. However, we propose to dismiss this ground only on one issue, the finding of the CIT (Appeals) ....