9911796707
TMI Blog2015 (4) TMI 1050X X X X Extracts X X X X X X X X Extracts X X X X ..... ee against the order of CIT(A) dated 23-11-2011, for the A.Y.2007-08 in the matter of order passed u/s.250(6) of the I.T.Act, wherein following grounds have been taken by the assessee :- The appellant objects to the order dated November 23, 2011 passed by the learned Commissioner of Income tax -2, Mumbai on the following among other grounds: Payment to retired partners 1. The Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sp; 6. Each one of the above grounds of appeal is without prejudice to the other. 7.The appellant reserves the right to amend, alter or add to the grounds of appeal." 2. At the outset, it was submitted by ld. AR that ground No.1 with regard to disallowance of payment made to partner amounting to Rs. 1,63,26,270/- has already been decided against the assessee and the assessee has also fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on was recorded by the AO before invoking Section 14A. Furthermore, it was contended that the relevant assessment year under consideration is 2007-08, wherein Rule 8D is not applicable as per the decision of the jurisdictional High Court in the case of Godrej & Boyce Mfg. Co. Ltd., 328 ITR 81. 6. We have considered rival contention and found that assessee has received tax free dividend from the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year 2007-08 under consideration, however, reasonable disallowance is warranted as per verdict of Hon'ble High Court in case of Godrej & Boyce Mfg. Co. (supra). In the interest of justice and fairplay, we restore this issue back to the file of AO for deciding afresh after considering assessee's contention regarding interest free funds available to it more than the borrowed funds. We direct acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
