TMI Blog2016 (8) TMI 1425X X X X Extracts X X X X X X X X Extracts X X X X ..... h the parties. Hence, the appeal of the Revenue is allowed for statistical purposes. - ITA No. 914/JP/2014 Assessment Year : 2010-11 - - - Dated:- 4-8-2016 - Shri Bhagchand And Shri Laliet Kumar, JJ. Revenue by: Shri Rajinder Singh, Addl. CIT -DR Assessee by: Shri Rajeev Sogani and Shri Rohan Sogani, CA ORDER Bhagchand, The Revenue has filed an appeal against the order of the ld. CIT(A)-I, Jaipur dated 29-10-2014 for the assessment year 2010-11 raising therein following grounds of appeal. (i) Whether on the facts in the circumstances of the case and in law the ld. CIT(A) was justified in deleting the addition of ₹ 66,26,803/- made by the AO on account of disallowance of interest expenses on OD facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y explanation from the appellant in this regard. The detailed working furnished by the appellant shows that the total interest debited was only ₹ 77,733/- and the interest bearing O/D funds were not utilized for getting tax free income. On similar facts ld. CIT(A)-1 Jaipur dated 16- 09-2013 has deleted the addition made on same ground. The disallowance made by the AO, therefore, appears to be without any basis and is accordingly deleted. Appellant gets relief of ₹ 66,26,803/-. Pages 27 28 for Ground No. 2 It is clear from decisions (ibid) that the provisions of rule 8D cannot be invoked on the basis of mere presumption. It is noted that in the present case the provisions of Section 14A read with Rule 8D have been invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer and thus violating the provisions of Rule46A(3) of the Income Tax Rules, 1962. The ld. DR during the course of hearing prayed that the additional evidences placed before the ld. CIT(A) were neither filed before the AO nor referred to the AO for verification during appellate proceedings. Hence, the Department should be given proper opportunity to take into consideration the additional evidences for verification. After hearing both sides, we in the interest of justice and equity remand the issues raised in the Ground No. 1 and 2 of the Revenue to the file of the ld. CIT(A) to decide afresh after giving adequate opportunity of being heard to both the parties. Hence, the appeal of the Revenue is allowed for statistical purposes. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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