2018 (9) TMI 1854

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....; Sudhendu Das ORDER Vikas Awasthy,    This appeal by assessee is directed against the order of Commissioner of Income Tax (Appeals)-4, Pune dated 10.10.2016 for the assessment year 2008-09.   2. The only ground raised by assessee in appeal is against disallowance of Rs. 23,22,105/- u/s.14A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') r.w.r 8D(2)(ii....

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....dated 29.11.2010, the assessee carried the matter in appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax(Appeals) without appreciating the facts of the case rejected the contentions of the assessee. Now, the assessee is in second appeal before the Tribunal. The ld. AR pointed that the assessee has interest free funds to the tune of Rs. 4,83,83,857/- in the shape ....

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....tary issue raised by assessee in appeal is against disallowance made under Rule 8D(2)(ii) in respect of interest expenditure. The Assessing Officer has made disallowance under Rule 8D(2)(iii) as well, however, the same is not disputed by the assessee. The ld. AR has drawn my attention to the P & L account for the year ending 31st March, 2008 and Balance Sheet as on 31st March, 2008. A perusal of t....

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....Act. The Hon'ble High Court, thereafter, applied the same principle while interpreting the provisions of section 14A of the Act in the case of CIT Vs. HDFC Bank Ltd. (supra.). The Hon'ble High Court observed that where investment is made in tax free securities by the assessee, it would be presumed to have been made from own funds in case they are in excess of investment made.   6. ....