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TMI Blog2014 (12) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... Gulati, Advocate. ORDER Sanjiv Khanna, J. (Oral) Having heard counsel for the parties, we frame the following substantial question of law in this appeal which relates to the assessment year 2008-09:- "Whether the Income Tax Appellate Tribunal was right in holding that the Assessing Officer had accorded implicit satisfaction under Section 14A(2) of the Income Tax Act, 1961, which got converte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch expenditure in relation to income which does not form part of the total income under this Act. (3) The provisions of sub-section (2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act: Provided that nothing contained in this section shall empower the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Similar interpretation has been given by the Bombay High Court in the case of Godrej and Boyce Mfg. Co. Ltd. versus CIT [2010] 328 ITR 81 (Bombay). 5. The contention raised by the appellant-assessee in the present appeal is that no such satisfaction as mandated and required under Section 14A(2) of the Act was recorded by the Assessing Officer either in the order sheet or in the assessment or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exempt income should be accepted and in case the Assessing Officer is not satisfied, he can record his dissatisfaction and thereafter proceed as per law. Learned counsel for the appellant-assessee submits that in preceding two years, pursuant to the order of remand passed by the Tribunal, the matter is pending before the Assessing Officer. 8. The net effect of the aforesaid statement is that duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal. 10. The question of law is accordingly answered in terms of the concession given by the learned counsel for the assessee. Accordingly, the observations of the Tribunal that there was implicit satisfaction of the Assessing Officer and explicit satisfaction of the Commissioner of Income Tax (Appeals) shall be treated as set aside. However, it will be open to the Assessing Officer to examine ..... X X X X Extracts X X X X X X X X Extracts X X X X
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