2019 (7) TMI 371

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....dated 30.9.2016 passed by the Income Tax Appellate Tribunal, Chennai 'D' Bench (for brevity, the Tribunal) in ITA Nos.675/Mds/2016, 1171/Mds/2013, 1166/Mds/2013, 591/Mds/2012 and 1165/Mds/2013 respectively for the assessment years 2006-07, 2007-08, 2008-09, 2006-07 and 2007-08. 2. The Revenue has filed these appeals by raising the following substantial questions of law : "Common questions in TCA.Nos.378 & 379 of 2019 : i. Whether, under the facts and circumstances of the case and in law, the Tribunal was justified in holding that the provisions of Rule 8D cannot be invoked for computing the expenditure towards earning exempt income for the purpose of disallowance under Section 14A for the present year and right ....

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.... to the year when the plant and machinery is acquired and installed ? iii. Whether, under the facts and circumstances of the case and in law, the Tribunal was right and justified in not following the binding decision of the Coordinate Bench in the case of Brakes India Ltd. [96 DTR 281] and CRI Pumps (P) Ltd. [34 Taxmann.com 123]? and iv. Whether the order of the Tribunal contradicting the decision of the Coordinate Bench in the case of Brakes India Ltd. [96 DTR 281] on the same question of law, makes it perverse in the eyes of law ?" 3. We have heard Mr.T.R.Senthilkumar, learned Senior Standing Counsel appearing for the Revenue and Mr.Venkatanarayanan, learned counsel appearing on behalf of M/s.Subbaraya Aiyer Padmanabh....