2019 (9) TMI 1481

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....mesh Kumar, Addl.CIT For the Assessee : Mr. R.Sivaraman, Adv. ORDER PER SHRI S. JAYARAMAN, ACCOUNTANT MEMBER: The Revenue filed this appeal against the order of the Commissioner of Income Tax (Appeals)-6, Chennai, in ITA No.102/CIT(A)-6/2017-18 dated 26.11.2018 for the AY 2015-16. 2. M/s. Envestor Ventures Ltd., the assessee, is in the business of Investment Promotion including faci....

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....nt Services Pvt. Ltd. Therefore, the AO held that since the interest bearing loan was utilized to repay the existing non-interest bearing loan, which was the source for the investment which yielded dividend income, the finance cost incurred by the assessee at Rs. 7,24,71,575/- was directly related to exempt income and hence he disallowed it u/r.8D(i). He further disallowed Rs. 8,71,557/- u/r.8D(ii....

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.... 2 The CIT(A) ought to have appreciated the fact that a proposal in the case of M/s. Chettinadu Logistics Pvt Ltd has been sent to the Pr.DGIT, (L&R), New Delhi for filing of review petition before the Hon'ble Supreme Court vide C.No.450/1/PClT(C)-1/2017-18 dated 20.12.2018 by the DGIT (Inv) Chennai. 3 The CIT(A) ought to have appreciated the fact that the CBDT circular No.5/201....