TMI Blog2018 (8) TMI 1423X X X X Extracts X X X X X X X X Extracts X X X X ..... d ample opportunity will be given to the revenue to put forward their case. Not required to be interfered with by this Court in exercise of powers under Article 226 of the Constitution of India. - Decided against the revenue. - R/Special Civil Application No. 10194 of 2018 with R/Special Civil Application No. 10197 of 2018 - - - Dated:- 9-7-2018 - MR. M.R. SHAH AND MR. A.Y. KOGJE JJ. Appearance: MRS MAUNA M BHATT (174) for the PETITIONER(s) No. 1 for the RESPONDENT(s) No. 1 ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE M.R. SHAH) [1.0] As common question of law and facts arise in both these petitions and as such arise out of the impugned common order passed by the learned Income Tax Appellate Tribunal, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dividend income of ₹ 84,41,780/- as exempt under Section 10(33) of the Income Tax Act. The learned Assessing Officer under order dated 08/03/2004 made disallowance of expenditure of ₹ 3,73,12,575 under Section 14A of the Income Tax Act. Being aggrieved with the assessment order, the assessee preferred Appeal before the learned CIT(A). Learned CIT(A) observed that the disallowance was made by the learned Assessing Officer at 15% of ₹ 24,85,91,626/-, which also included stock in trade of ₹ 5,44,89,529/-, and therefore, the question of invoking Section 14A of the stock in trade does not arise. For the remaining amount ₹ 19,41,02,097/-, learned CIT(A) observed that the assessee had reserve of ₹ 1,47,50,97 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned common order, the learned Tribunal has recalled its earlier order dated 31/01/2012 and has directed readjudication of issue of disallowance under Section 14A of the Income Tax Act. Being aggrieved by the impugned order passed by the learned Tribunal, revenue has preferred the present Special Civil Applications under Article 226 of the Constitution of India. [4.0] Mrs Mauna Bhatt, learned Advocate appearing on behalf of the revenue has vehemently submitted that the learned Tribunal has materially erred in allowing the Miscellaneous Applications and recalling its earlier order. It is submitted that the learned Tribunal has committed an error in exercise of the powers under Sub Section (2) of Section 254 of the Income Tax Act in re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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