TMI Blog2013 (6) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,54,999/- against Rs.22,17,677/- made by the AO. Thus while setting aside the first appellate order in this regard remand the matter to the file of the AO to decide the issue afresh keeping in view the decision of Maxopp Investment Ltd. Vs. CIT (2011 (11) TMI 267 - Delhi High Court) and after affording proper opportunity of being heard to the assessee. - I.T.A. NO. 5315/Del/2012 - - - Dated:- 8- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s contention of the assessee, that the assessee did not have any demat account and the sales/purchases of shares entirely pertain to shares of group companies. It was submitted that investments in mutual funds were made entirely in liquid funds and ultra short funds on which there was no entry/exit load. It was contended that entire dividend of Rs.66,04,239/- claimed as exempt under sections 10(34 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.66,04,239/- has arisen. 4. On query raised by the ld. CIT (A) regarding basis as to how the 10% salary of treasury department amounting to Rs.86,401/- was taken to be the basis in computing the disallowance u/s 14A, the assessee replied that it is a guess work. It was also contended that Rule 8D would not be applicable for the A.Y. 2007-08 under consideration. The ld. CIT (A) was not satis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elhi has been pleased to hold that the fact that sub-Sections (2) and (3) of Section 14A and Rule 8D would operate prospectively (and not retrospectively) it does not mean that prior to that period, Assessing Officer is not to satisfy himself with correctness of claim of assessee with regard to such expenditure. In reply to the question as to whether even for pre-Rule 8D period, whenever issue of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g in disallowance of Rs.6,54,999/- against Rs.22,17,677/- made by the AO. We thus while setting aside the first appellate order in this regard remand the matter to the file of the AO to decide the issue afresh keeping in view the decision of Hon'ble Delhi High court in the case of Maxopp Investment Ltd. Vs. CIT (Supra) and after affording proper opportunity of being heard to the assessee. 7. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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