TMI Blog2013 (8) TMI 622X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue has raised 5 substantive ground of appeal. At the very outset, the Ld. Counsel for the assessee submitted that 3 grounds are covered by the decision of the Tribunal in assessee's own case vide ITA Nos. 6,7,8 1477Rjt/2005 for A.Yrs 1999-2000 to 2002-03. The Ld. Counsel for the assessee submitted the copy of the order of the Tribunal. 3. The Ld. Departmental Representative fairly conceded that three grounds are covered by the decision of the Tribunal. 4. Ground No. 2 relates to the issue of disallowance u/s. 14A r.w.r. 8D of the Act. 5. During the course of the scrutiny assessment proceedings, the Assessing Officer noticed that the assessee has claimed income exempt from tax amounting to Rs. 4,03,89,927/- which included divide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of the Hon'ble Bombay High Court (supra). Therefore, we do not find any reason to interfere with the findings of the Ld. CIT(A). The AO is directed to recompute the disallowance without applying Rule 8D of the Act after giving reasonable opportunity of being heard to the assessee. Ground No. 2 is accordingly allowed for statistical purpose. 8. Ground No. 3 relates to disallowance of interest expenses of Rs. 20.20 crores. 9. The AO has discussed this issue at page-3 para-4 of his order and has disallowed proportionate interest on the borrowed funds in problem securities transactions following the decision of his predecessor. 10. The Ld. CIT(A) deleted the additions following the order of the ITAT for assessment years 1999- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wing the order of the Tribunal for A.Yrs 1999-2000 and 2001-02. The Tribunal in assessee's own case for A.Yrs 1999-2000 to 2002-03 has considered similar disallowance at para-10 page-10 of its order confirming the findings of the Ld. CIT(A) at para-13 of its order. Respectfully following the decision of the Tribunal in assessee's own case (supra), findings of the Ld. CIT(A) are confirmed. Ground No. 4 is accordingly dismissed. 15. Ground No. 5 relates to the disallowance made u/s. 36(1)(vii) of the Act. 16. The AO has considered this issue at para-6 page-14 of his order. The Ld. CIT(A) has discussed this issue at page-5 para-7 onwards and deleted the entire disallowance made by the AO following the recent judgement of the Hon'ble Suprem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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