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2009 (8) TMI 783 - HC - Income TaxInterest on borrowed capital - The Assessing Officer submits that in the assessment order, no finding was recorded by the Assessing Officer with respect to the disallowance of part of the expenditure on the touchstone of section 14A of the Act - He did not record any adverse findings against the assessee - In his submission, had there been an adverse finding on this issue, the assessee would have challenged the same raising specific ground in that behalf - Appellant submits that in the absence of any adverse finding by the Assessing Officer, it has got to be presumed that the submissions made by the assessee were accepted by the Assessing Officer with regard to the non-applicability of section 14A of the Act - He, thus, submits that the very same issue which was considered in favour of the assessee ought to have been challenged by the Revenue - The Revenue has practically conceded to the submission made by the assessee - In view of the above, quash and set aside the order of the Tribunal to the extent it directs consideration of the applicability of section 14A of the Act.
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