9911796707
TMI Blog2018 (12) TMI 1392X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Counsel for the appellant-Revenue submits that two pages have been filed in the Registry. The said pages have been shown to us. They are of no assistance and help in view of the cryptic and perfunctory assessment order dated 25th March, 2013 passed in relation to the return for the Assessment Year 2010-11. Entire assessment order is reproduced below:- "Assessee filed its return of income on 13.10.2010 showing Nil income. The return was processed u/s 143(1) of the Income Tax Act, 1961. Case was selected for scrutiny and accordingly, notice u/s 143(2) of the Act was issued to the assessee on 29.08.2011. In compliance to this notice and other notices issued, Sh. Sunny Aggarwal, C.A. A.R., appeared and filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Popular Vehicle Service Ltd 325 ITR 0523 (2010 Kerala) Pradeep Kar vs. Asstt. Commissioner of Income Tax 319 ITR 0416 (2009) Karnataka After discussion with the AR disallowance u/s 14A read with rule 8D in the case is calculated as under- Interest 43407006 Average investments 1277352085/- Average assets 2816293595/- 43407006*1277352085 2816293595 = 19687588/ 0.5% of average investment Rs.1277352085/- Rs.6386760/- Total Rs.26074348/- In view of the above an amount of Rs. 26074348/- is disallowed u/s 14A of the Act being expenses attributable to income not forming part of total income. (Addition made Rs. 26074348/-) 5. In view of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken for Assessment Year 2002-2003. Sub-sections (2) and (3) of Section 14-A of the Act read with Rule 8-D of the Rules merely prescribe a formula for determination of expenditure incurred in relation to income which does not form part of the total income under the Act in a situation where the assessing officer is not satisfied with the claim of the assessee. Whether such determination is to be made on application of the formula prescribed under Rule 8D or in the best judgment of the assessing officer, what the law postulates is the requirement of a satisfaction in the assessing officer that having regard to the accounts of the assessee, as placed before him, it is not possible to generate the requisite satisfaction with regard to the cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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