2019 (6) TMI 785

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....Sr. DR ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the order dated 15.05.2018 of the CIT(A)-34, New Delhi relating to A. Y. 2015-16. 2. The only effective ground raised by the assessee reads as under :- "1. The learned CIT(A) erred in law and on facts in confirming an addition of Rs. 1,35,696/- u/s. 14 A of the Act by applying Rule 8D though actually no ex....

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....nning of the year and at Rs. 3,51,42,432/- as at the end of the year. However, the assessee has disallowed Rs. 31,780/- as expenses which have been incurred to carry out the activity of investments and earning of exempt income. He, therefore, asked the assesee to explain as to why disallowance u/s. 14A r/w Rule 8D should not be made. 4. Rejecting the various explanation given by the assessee, the....

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....ch is in consonance with preceedings years disallowance, therefore, no further disallowance is called for. 8. He relied upon the following decisions :- 1. Resurgere Mines & Minerals India Ltd. Vs. Additional CIT vide ITA No.6601/Del/2014 2. PCIT Vs. Sintex Industries Ltd. 2018 TIOL-104-SC-IT 3. PCIT Vs. Sintex Industries Ltd. 2017-TIOL-104-SC-IT 4. PCTI Vs. Sintex Industries Ltd. 2017-TIO....

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....owance has given a finding that investment in shares and securities have been made out of borrowed funds. It is the submission of the Ld. Counsel for the assessee that no borrowed funds have been utilized for making the investment and no new investments have been made during the year. Considering the totality of the facts of the case and in the interest of justice I deem it proper to restore the i....