TMI Blog2015 (9) TMI 1583X X X X Extracts X X X X X X X X Extracts X X X X ..... There are two appeals under consideration. Both these appeals are filed by the Revenue for the AYs 1998-99 and 1999-2000. Since, the issues raised in both these appeals are inter-connected, therefore, for the sake of convenience, they are clubbed, heard together and disposed of in this consolidated order. Appeal wise adjudication is given in the following paras of this order. ITA No.4449/M/2003 (AY 1998-99) 2. This appeal filed by the Revenue on 6.6.2003 is against the order of the CIT (A)-XXXII, Mumbai dated 31.3.2003. In this appeal, Revenue raised the following grounds which read as under: 1. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in directing the AO to recomputed the book prof ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtained as these grounds were not approved by the Committee of Dispute (COD) at the relevant point of time. Further, he also informed that the Revenue s attempts to move a Miscellaneous Application (MA), considering the subsequent judgment of the Hon ble Supreme Court, was also not entertained by the Tribunal in the assessee s own case for the AY 1997-98. 4. After hearing the Ld DR for the Revenue and on perusal of para 2 of MA No.730/Mum/2012 (arising out of ITA No. 4448/Mum/2003) for the AY 1997-98, dated 17.5.2013, we are of the opinion that the said Ground nos.1, 2, 3, 4 and 6 of this appeal should be dismissed in limine. That leaves, Ground no.5 along for adjudication now and the same relates to the disallowance u/s 14A of the Act i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 009, dated 17.9.2010, which was subsequently ratified by the Hon ble jurisdictional High Court in the same case. This case is relevant for the proposition that the disallowance of 2% of the exempt income is found reasonable by the Hon ble High Court. 6. After hearing both the parties on this issue and on perusal of the said orders of the Tribunal (supra) as well as the binding judgment of the Hon ble Bombay High Court in the case of Godrej Agrovet (supra), we are of the opinion that the disallowance @ 2% of the exempt income as upheld by the Hon ble High Court, is appropriate. The said judgment was not referred to by the Tribunal in its orders cited in para 5 above. For the sake of completeness of this order the relevant para of the High ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cing there from the relevant debit for the bad debts. 2. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in deleting the addition made by the AO on account of interest accrued upon the securities held by the assessee on day to day basis till the last day of financial year. 3. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in deleting the addition made on account of broken period interest on purchase of securities. 4. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in deleting the addition made by the AO by the reduction of the exemption and further erred in deleting the increase in book profits made by AO in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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