2019 (7) TMI 1371

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....he Respondent   P.C.: 1. This appeal is filed challenging the judgment of the Income Tax Appellate Tribunal dated 23.3.2016. The following questions are presented for our consideration : i) Whether on the facts and circumstances of the case and in law the ITAT was justified in deleting the disallowance made by the AO of Rs. 1,96,91,62,889/- under section. 40a(ia) of the Act, without appre....

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....se and in law, the Tribunal erred in deleting the disallowance of Rs. 8,65,06,770/- u/s. 14A for the purpose of computing book profit u/s 115JB of the Act, ignoring the fact that the decision of disallowance has not been accepted by the department? 2. The respondent assessee is a company registered under the Companies Act. The issues arise in relation to the Assessment Year 2007-2008. The first q....

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....for the parties and having perused the documents on record, we do not find any error in the view of the Tribunal. The Tribunal, as noted, besides holding that the Commissioner's order setting aside the order passed u/s 201 was not carried in appeal, had also independently examined the nature of the transaction and come to the conclusion that when the transaction was between two persons on principa....