2008 (4) TMI 730

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..... e learned CIT(A) dt.5-7-2007 for assessment year 2004-05. The assessee is aggrieved against disallowance of ₹ 50,000 on estimate basis. 2. The assessee is a finance company in which public are substantially interested and returned a loss of ₹ 12,91,926/- under the normal provisions of the Income tax Act, 1961 (the Act) and income of ₹ 25,28,561 u/s 115JB of the Act. In its com .....

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..... rmed the disallowance by holding it to be appropriate and reasonable. 3. The contention of the learned counsel was that sec.14A did not contemplate any estimation of expenses. The learned Departmental Representative relied on the orders of the authorities below. 4. We have duly considered the rival contentions and the material on record. The Delhi Bench of the Tribunal, in the case of Orient .....

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