TaxTMI 
TaxTMI 
2018 (1) TMI 1626
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....-on-one nexus between the own fund/ non-interest bearing fund with investments either during the assessment proceedings or at the appellate stage." 2. "On the facts and in the circumstances of the case and in law,the Ld.CIT(A) has erred in not appreciating the decision of Hon'ble Jurisdiciaitonal High Court of Bombay in the case of M/s.Daga Capital Management SP) Ltd. 117 IID 169 and M/s.Godrej & Boyce Mtg. Co. Ltd. 328 ITR 81 wherein a disallowance u/s 14A of the IT Act as per Rule 8D of the IT Rule has been categorically upheld." 3. The appellant craves to leave, to add, to amend and / or to alter any of the ground of appeal, if need be." 2. As per the facts of the present case, the assessee is a private limited company which i....
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....s the orders passed by revenue authorities. Before we decide the merits of the case, it is necessary to evaluate the orders passed by Ld. CIT(A). The Ld. CIT(A) has dealt with the above grounds raised by the revenue in para no. 5 to 8 of its order. The operative portion of the order of Ld. CIT(A) is contained in para no. 7 to 8 of its order and the same is reproduced below:- 7. I have considered the facts of the case and submissions and contentions of the assessee. It appears that this issue has been examined by the Hon'ble ITAT Mumbai, in the case of the assessee itself for the A.Y.2008-09 wherein vide order dated 04-04-2016, the Hon'ble 'A' Bench of ITAT, Mumbai directed to delete fl addition made u/s 14A by observing a....
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....y in 1TA/4431- 4050/MUM/2000 and ITAs 4159/MUM/2001 and in appeal no 1260 of 2009. After having gone through the facts of the present case as well as considering the orders passed by revenue authorities and submissions made by both the parties, we find that as per the facts of the present case, the assessee has shown investment of Rs. 258.40 crores in shares of various companies on 31.03.11 as compared to Rs. 131.20 crores on 31.03.2010. As per the profit and loss account of the assessee, it was found by the AO that the assessee had debited an amount of Rs. 1,38,91,50,775/- as interest paid on its borrowed funds. Since the assessee has invested in shares, the income from which does not part of the taxable income of the assessee, therefore,....