TMI Blog2019 (8) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... , [ 2014 (3) TMI 856 - GUJARAT HIGH COURT] Having regard to the concurrent findings recorded by the two Revenue Authorities, we are not inclined to disturb such findings. In our view, there is no substantial question of law involved in the present Tax Appeal. - R/TAX APPEAL NO. 547 of 2019 - - - Dated:- 5-8-2019 - MR J. B. PARDIWALA AND MR A. C. RAO, JJ. For The Appellant (s) : MRS MAUNA M BHATT (174) For The Opponent (s) : None ORAL ORDER ( PER : HONOURABLE MR.JUSTICE J.B.PARDIWALA) 1. This Tax Appeal under Section 260-A of the Income Tax Act, 1961 (for short the Act, 1961 ) is at the instance of the Revenue and is direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Counsel for the Revenue submitted that the Assessing Officer as well as CIT(Appeals) had applied formula of rule 8D of the Income Tax Rules, since this case arose after the assessment year 2009-2010. Since in the present case, we are concerned with the assessment year 2009-2010, such formula was correctly applied by the Revenue. We however, notice that sub-section (1) of section 14A provides that for the purpose of computing total income under chapter IV of the Act, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the present case, the tribunal has recorded the finding of fact that the assessee d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e off the expenditure against the income which does not form the part of the total income under the Act and in such circumstances, Section 14A of the Act could not have been invoked, more particularly, when no exempt income claim was earned in the relevant assessment years. The Tribunal has relied on various decisions including the decision of this court in the case of Corrtech Energy Private Limited, (2014) 45 Taxmann.com 116 (Gujarat). 5. Having regard to the concurrent findings recorded by the two Revenue Authorities, we are not inclined to disturb such findings. In our view, there is no substantial question of law involved in the present Tax Appeal. 6. In view of the above, this Tax Appeal fails and is he ..... X X X X Extracts X X X X X X X X Extracts X X X X
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