2022 (9) TMI 376

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....The Tribunal passed a common order dated 28.02.2022 for A.Ys. 2003-04, 2006-07, 2007-08 and 2008-09 in case of the assessee-Gujarat Industries Power Company Limited in appeals and cross-objections filed before it. So far as present appeal is concerned, the following substantial questions of law are proposed: "(a) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in deleting the addition of Rs. 6,53,607/- being 10% of the exempt income of Rs. 65,36,070/- made by the Assessing Officer as per the provisions of Section 14A of the I.T.Act, ignoring the fact that the assessee has failed to prove that no expenditure has been incurred to earn the exempt income disclosed during the year under consid....

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....e the Tribunal being I.T.A. No. 1534/Ahd/2009 challenging the direction of the CIT (Appeals) to adopt Rule 8D of the Rules, 1962. The assessee therefore preferred Cross Objection No. 117/AHD/2009 contending that since the assessment year 2006-07 is prior to the introduction of Rule 8D and in absence of any administrative expenses and there was no borrowed funds for such investment, disallowance under section 14A was unwarranted. 6. The Tribunal allowed the cross-objection filed by the assessee by deleting the addition under section 14A of the Act,1961 as per the decision of the Hon'ble Supreme Court in case of Maxopp Investment Limited vs. Commissioner of Income Tax reported in [2018] 91 Taxman.com 154 (SC) wherein it is held that Rule 8D ....