2022 (7) TMI 797

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....rst respondent and Shri A.Shankar, learned Senior Advocate as Amicus curiae. 2. Revenue has presented this appeal for framing the following questions of law; "(a) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the provisions of Rule 8D should not have been applied without appreciating that the provisions of section 14A introduced by the Finance Act, 2001 is applicable with retrospective effect from 01.04.1962? (b) Whether on the facts and circumstances of the case, the Hon'ble Tribunal was correct in holding that the only company from which dividend is received shall be considered for the purpose of Rule 8D? (c) Whether on the facts and in the circums....

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....c/w ITA.No.468/2016 (Hindustan Aeronautics Limited Vs. Assistant Commissioner and Another (D.D. 09.12.2020)), wherein Assessee's appeal in ITA No.404/2016 has been allowed on the premise that the Assessing Officer had not recorded satisfaction. In contradistinction, at Para 2.5 of its order, the Assessing Officer has recorded his satisfaction. Therefore, facts of this case are different from those in ITA No.404/2016. 4. Miss Tanmayee Rajkumar for the Assessee argued opposing the appeal. 5. We have carefully considered the rival contentions and perused the records. 6. In Para 17.2 of its order, ITAT has placed reliance on ITA No.404/2016 while allowing assessee's appeal. The solitary contention urged by Shri Sanmathi that th....

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....al Gas Commission and Another Vs. Collector of Central Excise (2004) 6 SCC 437 and Oil and Natural Gas Commission and Another Vs. Collector of Central Excise (2007) 7 SCC 39. Subsequently, in the case of Electronics Corporation of India Ltd. Vs. Union of India and Others (2011) 3 SCC 404, Supreme Court has recalled the orders passed in the aforesaid ONGC cases. The resultant position is, companies owned by State or Central Government have to take their call in individual cases. He has also placed, for our consideration, Circular No.F.32(2)/2009-Judl. dated 07.08.2009 by Ministry of Law and Justice, whereby the Assistant Solicitors General in High Courts were requested to appraise the court of the existing practice and composition of committ....