TMI Blog2012 (3) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... L MEMBER This is an appeal filed by the Revenue against the order dt. 18.2.2011 of CIT(A)-XII, New Delhi pertaining to A.Y. 2008-09 on the following ground. On the facts and circumstances of the case the ld.CIT(A) erred in law and merit of the case in restricting the disallowance u/s 14A read with Rule 8D of ₹ 47,64,086/- to ₹ 8,00,000/-. 2. A perusal of the record shows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isallowance made by the A.O. was bad in law. It was also argued that the disallowance made by the A.O. cannot be more than the expenditure debited in the profit and loss account considering the explanation of the assessee it was held that though Rule 8D is applicable in the year under consideration, further it could not be applied in such a manner that the disallowance made under this rule works o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he disallowance should be restricted to ₹ 10,91,626/-. The applicant has himself made the disallowance of ₹ 5,67,578/- by including the STT, D-Mat charges and legal and professional charges but has not apportioned any part of the indirect expenses which have been debited in the profit loss account like employees, cost and depreciation. It is equally true that the entire expenditure o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.O. has applied the order of the Special Bench in the case of Daga Capital Management P.Ltd. which is no longer good law. However the judgement of Hon ble Mumbaiu High Court in the case of Godrej Boyce Ltd. for the year under consideration held that Rule 8D was applicable. Accordingly it was submitted that the issue may be restored. Ld.D.R. was required to address the facts and reasoning taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have heard the rival submissions and perused the material available on record. On a careful consideration of the same we are of the view that in the peculiar facts and circumstances of the case no infirmity has been pointed out by the ld.D.R. in the impugned order. A perusal of the same shows that it is not disputed that Rule 8D is applicable, however, only on considering the peculiar facts of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
