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2016 (3) TMI 1098 - BOMBAY HIGH COURT

2016 (3) TMI 1098 - BOMBAY HIGH COURT - TMI - Disallowance u/s 14A - it is the appellant's contention that before rejecting the disallowance of expenditure made by it, the Assessing Officer has not recorded his non satisfaction of the disallowance of expenditure done by the appellant as relying on J.K. Investors (Bombay) Ltd. V/s ACIT [2013 (5) TMI 580 - ITAT MUMBAI ] - Held that:- In view of the fact that the impugned order of the Tribunal does not deal with its decision in J. K. Investors (sup .....

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s, we set aside the impugned order passed by the Tribunal and restore the entire appeal to the Tribunal for fresh disposal in accordance with law. - Income Tax Appeal No. 2342 of 2013 - Dated:- 8-3-2016 - M. S. Sanklecha And A. K. Menon, JJ. For the Appellant : Mr. Madhur Agarwal a/w Atul Jasani For the Respondent : Mr. Suresh Kumar ORDER P. C. 1. This Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 ( the "Act") takes exception to the order dated 10th July, 2 .....

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3. As the controversy on which the appeal has been admitted is within a very narrow compass, at the request of the counsel the appeal itself is taken up for disposal. 4. The appellant is a non-banking finance company. During the subject assessment year appellant had earned dividend income of ₹ 13.89 crores which was claimed as exempt from tax under Section 10(34) of the Act. In its return of income the appellant on application of Section 14A of the Act disallowed a sum of ₹ 9 lakhs .....

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ection 14A(2) of the Act must record his non satisfaction with the claim of disallowance, if any, made by the appellant-assessee. In this case, it is the appellant's contention that before rejecting the disallowance of expenditure made by it, the Assessing Officer has not recorded his non satisfaction of the disallowance of expenditure done by the appellant. In support of its aforesaid contention, the appellant placed reliance upon the decision of an coordinate Bench of the Tribunal in J.K. .....

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