TaxTMI 
TaxTMI 
2024 (7) TMI 790
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....o. 560/AHD/2020 for the Assessment Year 2013-14 by raising following substantial questions of law: (i) Whether the Ld. Tribunal has erred in deleting the addition made under section 14A r.w.r 8D to the tune of Rs. 43,70,550/- merely on the basis that the related investments are out of assessee company's old and own funds? (ii)Whether the Ld Tribunal was justified in holding that burden of establishing the nexus was wrongly attributed to the assessee and it was for the Assessing Officer to demonstrate that the tax free investments made by the assessee were not from own funds but from borrowed funds without appreciating that it is for the assessee to show that investment made was from his own funds and no from borrowed funds....
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....aid, the assessee filed appeal before the learned Commissioner of Income Tax(Appeals). The CIT(A) directed the Assessing Officer to restrict disallowance under section 14A of the Act to Rs. 77,649/- and on the issue of deduction under section 80IA in favour of the assessee. 2.4 The assessee being aggrieved by the aforesaid, approached the Income Tax Appellate Tribunal by way of appeal being ITA No. 560/Ahd/2020. The learned Tribunal, vide its order dated 03.06.2022, dismissed the appeal filed by the Revenue. 2.5 Being aggrieved and dissatisfied with the aforesaid, the Revenue has approached this Court by way of present appeal. 3. Heard learned Senior Standing Counsel Mr. Nikunt Raval for the appellant and learned advocate Mr. B.S. ....
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....than the tax-free investments, the disallowance u/s 14A read with Rule &D cannot be made. There is also merit in the plea of ld. Counsel on the count that the burden of establishing the nexus nas been wrongly attributed to the assesses and it was for the Assessing Officer to rebut the assessee's contention and demonstrate that the tax-free investments were not from own funds but from borrowed funds. In the absence of such rebuttal, it cannot be assumed that the assesses made tax free investments out of borrowed funds. The assessee has suo moto offered Rs. 2 lakhs out of income of Rs. 3,18,472/-as disallowed u/s 14A of the Act. In view of our foregoing observations and relying on Hon'ble Gujarat High Court judgments, we are of the vi....
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....he circumstances of the case and in law, the ITAT was justified in upholding the decision of CIT(A) that deduction u/s. 80-1A(4) is allowable to the assessed for generation of power for captive consumption? (ii) Whether the Tribunal was right in law in allowing the assessee's claim of deduction of Rs. 1954 crores u/s 80-IA(4) of the I.T. Act, 1961, when the assessee had adopted rate of power generation at Rs. 4.73 per unit, rate on which the GEB supplied power to its consumers, ignoring the rate of Rs. 236 per unit, the rate on which power generating company supplied its power to GEB? 12. On these questions of law, the Hon'ble High Court held as follows: "6. We have heard learned counsel for the parties. W....