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2015 (4) TMI 880 - BOMBAY HIGH COURT

2015 (4) TMI 880 - BOMBAY HIGH COURT - TMI - Deduction u/s 14A - Held that:- We do not think, upon reading of the Tribunal's order, that it is vitiated by any error of law apparent on the fact of the record. It cannot be termed as perverse because in the return of income declaring total income of ₹ 1,32,82,806/-, the Assessing Officer noticed that a sum of ₹ 32,74,921/- has been received as dividend and ₹ 87,52,106/- as long term capital gains, which has been claimed as exe .....

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in Appeal by the Commissioner and held that even if the Assessing Officer's view is to be maintained, still, the entire claim could not have been disallowed. The Tribunal had taken earlier view that 10% of the dividend earned should be treated as expenditure incurred. Thus, in earning the income of dividend 10% was set aside towards expenses. This view of the Tribunal was applied and in identical facts by the Commissioner to the present case. Such an approach of the Commissioner and relying .....

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i dated 22nd February, 2013 passed in Income Tax Appeal No. 4128/Mum/2011.The assessment year in question is 2007-08. 2. Mr. Suresh Kumar appearing for the Revenue in support of this Appeal would submit that the question of law at page 3 of the paper book [para 3.8 (a)] is the substantial question of law. Though it is apparently covered by the law laid down by this Court in the case of Godrej and Boyce Manufacturing Co. Ltd. vs. Deputy Commissioner of Income Tax (2010) 328 ITR 81, the Tribunal s .....

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