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M/s S.B. Billiomoria & Co Versus ADCIT-11 (3) , Mumbai

2015 (4) TMI 1050 - ITAT MUMBAI

Disallowance of interest u/s.14A read with Rule 8D - Held that:- No disallowance of interest is warranted. In case own funds are available with the assessee, it is presumed that investment has been made out of the own funds. It is also a matter of record that rule 8D Is not applicable for the relevant assessment 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. (2010 (8) TMI 77 - BOMBAY HIGH COU .....

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AIR. Accordingly, we do not find any merit in the addition so made by the AO which may be due to different accounting system being followed by payer of such fees. - Decided in favour of assessee. - ITA No.297/Mum/2012 - Dated:- 17-4-2015 - SHRI R.C.SHARMA, AM And SHRI SANJAY GARG, JM For the Appelant : Shri K.K.Ved & Sh.N.A.Patade For the Respondent : Shri Neil Philip ORDER PER R.C.SHARMA (A.M): This is an appeal filed by the assessee against the order of CIT(A) dated 23-11-2011, for the A. .....

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omputing the taxable income of the Appellant. Disallowance under section 14A 2.The CIT(A) erred in confirming disallowance of interest expenses of ₹ 3,51 ,078 under section 14A read with Rule 8D. 3. The CIT(A) erred in confirming disallowance of other expenses of Rs.l,74,591 under section 14A read with Rule 8D. Alleged undisclosed professional receipts 4. The CIT(A) erred in confirming addition of ₹ 85,619 as alleged undisclosed professional receipts on the basis of the Annual Inform .....

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e Hon ble High Court wherein substantial question of law has been accepted by the Hon ble High Court vide order dated 28-7-2009. In this respect assessee has filed Form No.8 being declaration u/s.158A(1) of the ITAT claiming that identical question of law is pending before the High Court. 3. As the assessee has already filed declaration u/s.158A(1), the assessee needs not to file appeal to the Hon ble High Court on this issue, and he is bound by the decision of the Hon ble High Court in respect .....

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igh 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 investment in preference shares and mutual fund, which was claimed as exempt u/s.10. However, in the return of income no disallowance was made by the assessee u/s.14A. The AO applied rule 8D and worked out disallowance. The contention of ld. AR was that assessee was having own funds much more than the borrowed funds and the .....

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