TMI Blog2016 (7) TMI 1400X X X X Extracts X X X X X X X X Extracts X X X X ..... ication for making disallowance as per the provisions of section 14A r.w.r 8D of the Rules. Considering all these factors we are of the opinion that the FAA was not justified in upholding the order of the AO. Hence, reversing his order we decide the effective ground of appeal in favour of the assessee . - ITA/2189/Mum/2012, ITA/1753/Mum/2012 - - - Dated:- 27-7-2016 - Rajendra, and C.N. Prasad Order u/s.254(1)of the Income-tax Act,1961(Act) PER RAJENDRA Challenging the order dt.23.1.2012 of CIT(A)-40, Mumbai the Assessing Officer(A.O) and the assessee have filed the present appeals. 2.Assessee-company,engaged in the business of retailing a variety of household and consumer products,filed its return of income on 29.9.2008,de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenditure.On a direction from the Bench the assessee has also filed data from the AY 2005-06 to the AY 2010-11, which shows that the points lapsed was shown as income. The assessee has also proved that this is a consistent accounting policy being followed year after year.On this factual matrix, we hold the findings of the Commissioner(Appeals). Consequently, the Ground raised by the revenue is dismissed. The above order was followed by the Tribunal while deciding the order for the AY.2007-08(supra).Respectfully,following the above orders we decide the effective Ground of appeal against the AO. ITA/1753/Mum/2012: 4.The solitary issue raised by the assessee is about disallowance made by the AO u/s.14A of the Act.During the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R) argued that assessee had not claimed any expenditure,that no exempt income was shown in the return of income,that it had made investment in the subsidiaries for strategic reasons, that it had sufficient non-interest bearing funds. She referred to page 20 of the PB wherein details of investment made in subsidiary companies was given.She relied upon the case of HDFC Bank Ltd. (383 ITR529). The Departmental Representative (DR) supported the order of the FAA. 7.We have heard the rival submissions and perused the material before us.We find that assessee had not claimed any deduction in respect of exempt income nor has it claimed any expenditure against the income which does not form part of the total income.Thus, both the basic ingredien ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
