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2024 (3) TMI 432 - HC - Income TaxDisallowance u/s 14A - disallowance of administrative expenditure to arrive at average total asset for computing disallowance as per formula prescribed by Rule 8D on the opening and closing of gross block of fixed assets - Validity of order of ITAT remanding the matter to the AO for proper verification and adjudication - HELD THAT:- As it is not in dispute nor it is controverted by learned senior standing counsel for the respondent that For the Assessment Years 2009-10 and 2010-11 the coordinate Bench of the Tribunal has allowed the interest expenditure on the assessee and also restricted the disallowance on administrative expenses upto Rs. 10.00 lakhs and Rs. 15.00 lakhs for the respective Assessment Year for making disallowance u/s 14A of the Act and such orders passed by the coordinate Bench of the Tribunal are confirmed by this Court while dismissing the Tax Appeals of the Revenue being. [2018 (8) TMI 922 - GUJARAT HIGH COURT]. Admittedly, the Tribunal has not considered such decisions and only referred to and relied upon the submissions made by the authorised representative of the assessee to decide the issue for disallowance under Section 14A of the Act. The impugned order of the Tribunal is required to be set aside and matter is required to be remanded to the Tribunal to decide such grounds afresh de novo.
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