TMI Blog2013 (7) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is dealing in shares thus disallowance made by AO u/s. 14A on account of interest expenditure on proportionate basis cannot be sustained. In favour of assessee. - ITA No.1800/ Ahd/2008, ITA No.2449/ Ahd/2008,C.O. No. 194-199/Ahd/2008, ITA No. 2549-2550 & 2554/Ahd/2008, C.O. No. 213-218/Ahd/2008 - - - Dated:- 17-5-2013 - Shri A. K. Garodia And Shri Kul Bharat, JJ. For the Petitioner: Shri S. N. Soparkar, SR-AR Shri P. M. Mehta, AR For the Respondent : Smt. Rolee Agarual, CIT-DR ORDER Per Bench:- Out of this Bunch of various appeals and Cross Objections (COs), one appeal in the case of Hina N Parikh is filed by the assessee which is directed against the order of Commissioner of Income-ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g officer may be directed to allow interest expenditure of ₹ 42,82,834/- against the income from business and profession shown in return of income.' 3. Ground No.1 was not pressed by Ld. AR of the assessee and accordingly rejected as not pressed. 4. Regarding ground No.2 and 3, it was submitted by Ld. AR of the assessee that Ground No.4 raised by assessee before Ld. CIT(A) was not decided by Ld. CIT(A) and hence, the issue should be restored back to the file of Ld. CIT(A) for deciding this ground of assessee. Ld. CIT-DR of the Revenue supported the order of Ld. CIT(A). 5. We have heard the rival submissions and perused the materials on record. We find that Ground No.4 raised by assessee before Ld. CIT(A) was, in fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of DCIT v. M/s. India Advantage Securities Ltd. in ITA No.6711/Mum/2011 dated 14-09-2012. He also relied on one more Tribunal's decision of Ahmedabad Bench rendered in the case of Ethio Plastics Pvt. Ltd. v. DCIT in ITA No.848/Ahd/2012 dated 10-12-2012. He submitted a copy of all those Tribunal's decisions and Hon'ble High Court's decision cited by him. 9. We have heard the rival submissions and perused the materials on record and gone through the orders of authorities below and the judgments cited by both the sides. Since this issue is now to be decided as per the only decision available of Hon'ble High Court i.e., of Karnataka High Court, the Tribunal's decisions cited by both the sides are not being discussed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h i.e., in ITA No. 2549-2550/Ahd/2008 and 2554/Ahd/2008. In all these appeals, the only ground raised by Revenue is regarding deletion of disallowance of interest expenditure made by Assessing Officer u/s. 14A of the Act. 13. At the time of hearing, both sides agreed that facts in the present appeals are similar with the facts in the case of Hina N Parikh because this assessee is also dealing in shares and therefore, this issue can be decided on similar line in the present case also. While deciding this issue, in the case of Hina N Parikh, we have decided this issue in favour of assessee by following the judgment of Hon'ble Karnataka High Court rendered in the case of CCI Ltd. (supra). Accordingly, in the present case also, all the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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