TMI Blog2015 (10) TMI 2517X X X X Extracts X X X X X X X X Extracts X X X X ..... 623/Ahd/2012 - - - Dated:- 30-10-2015 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER JJ Shri Tushar Hemani, AR for the Appellant. Shri D.C. Mishra, Sr. DR. for the Respondent . ORDER: The assessee is in appeal before us against the order of the learned Commissioner of Income-tax (Appeals)-6, Ahmedabad dated 08.12.2011 passed for Assessment Year 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e strength of the application, the assessee prayed that the delay in filing the appeal may be condoned and the appeal may be decided on merit. 3. On the other hand, the learned Departmental Representative opposed the prayer of the assessee. 4. On due consideration of the facts and circumstances, we are of the opinion that there is no deliberate attempt at the end of the assessee for making i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the hands of the assessee during the year, then no disallowance u/s 14A could be made. He took us through the computation of income and the copies of the accounts. He also drew our attention towards the Profit Loss Accounts at page No.13 and the Schedule of other income is being given under O . The Schedule O is available at page No.28 of the paper-book. By taking through this Schedule, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 2009-2010. Since in the present case, we are concerned with the assessment year 2009-2010, such formula was correctly applied by the Revenue. We however, notice that sub-section (1) of section 14A provides that for the purpose of computing total income under chapter IV of the Act, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er concerns, without interest. It was held that deduction for interest was permissible when loan was taken for business purpose and not for diverting the same to sister concern without having nexus with the business. The observations made therein have to be read in that context. In the present case, admittedly the assessee did not make any claim for exemption. In such a situation section 14A could ..... X X X X Extracts X X X X X X X X Extracts X X X X
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