TMI Blog2020 (1) TMI 1148X X X X Extracts X X X X X X X X Extracts X X X X ..... tatute Book with effect from 24.03.2008 and the present assessment year involved in the present Appeal is Assessment Year 2002-03. - Decided against the Revenue. - Tax Case Appeal No.1038 of 2010 - - - Dated:- 21-1-2020 - Dr. Justice Vineet Kothari And Mr. Justice R. Suresh Kumar For the Appellant : Mr.J.Narayana Samy Senior Standing Counsel For the Respondent : Mr.Venkat Narayanan For Subbaraya Aiyar Padmanaban JUDGMENT DR.VINEET KOTHARI, J. This Tax Case Appeal has been filed by the Revenue for Assessment Year 2002-03 raising the following substantial question of law arising from the order of the Income Tax Appellate Tribunal dated 18.12.2009. Whether on the facts and circumstances of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Bombay High court dated 12.08.2010 an appeal was filed in this court which has been decided by vide its judgment reported in Godrej and Boyce Manufacturing Company Limited Vs. Deputy Commissioner of Income Tax, Mumbai Anr. (2017) 7 SCC 421. This Court, while deciding the above appeal repelled the challenge raised by the assessee regarding vires of Section 14A. In para 36 of the judgment, this Court noticed that with regard to retrospectivity of provisions Revenue had filed appeal, hence the said question was not gone into the aforesaid appeal. In the above case, this Court specifically left the question of retrospectivity to be decided in other appeals filed by the Revenue. We thus have proceeded to decide the question of retrospe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble. 38. In the present case, we do not find any mention of the reasons which had prevailed upon the Assessing Officer, while dealing with the Assessment Year 2002-2003, to hold that the claims of the Assessee that no expenditure was incurred to earn the dividend income cannot be accepted and why the orders of the Tribunal for the earlier Assessment Years were not acceptable to the Assessing Officer, particularly, in the absence of any new fact or change of circumstances. Neither any basis has been disclosed establishing a reasonable nexus between the expenditure disallowed and the dividend income received. That any part of the borrowings of the assessee had been diverted to earn tax free income despite the availability of sur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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