TMI Blog2011 (6) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 16th March 2010, passed by the Commissioner (Appeals)-XXXX, Mumbai, for assessment year 1999-2000. Grounds raided by the Revenue, reads as follows:- 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in holding that during the year the assessee had sufficient funds for making investments and the disallowance of expenditure is not applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 14A of the Income Tax Act, 1961 (for short the Act ). The first appellate authority, at Para-2.3, Page-3 of his order, held as follows:- 2.3 I have considered the assessment order and the submissions of the appellant. As I note, similar issue came up for decision before me in appellant s appeal for the assessment year 2006-07. In my appellate order dated 8.12.2009 on this appeal, in ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the appellant, I find that for the present year under consideration, the appellant had increase of ` 50,91,88,603 in non-interest free funds as against increase of ` 14,44,77,697 in investment in shares. Accordingly, in terms of my discussion in Para-2.3 of my order dated 8.12.2009, for the assessment year 2006-07 and respectfully following the decision dated 19.11.2008 of the Hon ble ITAT, in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to the facts of the case. In any event, the said Mumbai Special Bench decision in Daga Capital Management Pvt. Ltd. (supra), was reversed by the Hon'ble Bombay High Court in Godrej Boyce Mfg. Co. Ltd. v/s DCIT, (2010), 328 ITR 081 (Bom.). Further, the Hon'ble Bombay High Court in CIT v/s Reliance Utilities Power Ltd. (2009) 313 ITR 340 (Bom.), has laid down that if there are intere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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