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2014 (1) TMI 1286 - AT - Income TaxDisallowance u/s 14A of the Act r.w Rule 8D of the Act – Held that:- The submissions of the assessee have not at all been reflected or addressed in the Assessing Officer’s order or the remand report - Assessing Officer’s order does not consider these aspects in any manner - Assessing Officer simply stated that the reply of the assessee is silent in this regard - the assessee has made elaborate submissions before the CIT (A) - Assessee has also filed the bank statements before the CIT (A) and requested for admission - Assessing Officer has not properly considered these submissions - He has observed that assessee has not submitted anything new and has further observed that sufficient opportunity had been given to the assessee in assessment proceedings – Relying upon Maxopp Investment Ltd. vs. C.I.T. [2011 (11) TMI 267 - Delhi High Court ] - determination of the amount of expenditure in relation to exempt income under Rule 8D would only come into play when the Assessing Officer rejects the claim of the assessee in this regard – the CIT(A) has not addressed the assessee’s submissions that investment was done out of preference share issue receipts and no interest bearing funds are involved – Decided in favour of Assessee.
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