TMI Blog2020 (1) TMI 1468X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Rs. more than 50,000/- Respectfully following the above quoted judgment, we allow the appeal of the assessee. - ITA. No. 1163 & 1186/AHD/2018 - - - Dated:- 30-1-2020 - Shri Mahavir Prasad, Judicial Member And Shri Waseem Ahmed, Accountant Member For the Appellant : Shri S.N. Soparkar, AR. For the Respondent : Shri Smair Tekriwala CIT Shri Vidhyut Trivedi, Sr. D.R. ORDER Per Mahavir Prasad, Judicial Member 1. ITA Nos. 1163/Ahd/2018 1186/Ahd/2018 are cross appeals by the Assessee and the Revenue preferred against the order of the Ld. CIT(A)-1, Ahmedabad dated 27.02.2018 pertaining to A.Y. 2013-14 and assessee has raised the following grounds:- 1. In law and in the facts and circumstance of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, art amount computed in accordance with the following formula, namely - A X B/C - Where (A) Amount of expenditure by way of interest other than the amount of interest included in clause (i) incurred during the previous year; 0 0 (B) the average of value of investment, income from which does not or shall not form part of the total income, as appearing in the balance-sheet of the assessee, on the first day and the last day of the previous year; P.Y. Invest 31138510000 C.Y. Invest 36972630000 Total 681111400 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ho confirmed the action of the ld. A.O.. Thereafter assessee preferred second statutory appeal before the Tribunal. 4. We have gone through the relevant record and impugned order. At the outset, ld. A.R. Shri S.N. Soparkar stated that present case is clearly covered by order of Hon ble Jurisdictional High Court in Tax Appeal No. 486 of 2017 in the matter of CIT-Vadodara-2 vs. Vision Finstock Ltd. wherein similar facts and circumstances appeal of the Revenue was dismissed with following observation: 1. The Revenue has challenged the judgement of the Income Tax Appellate Tribunal dated 07.07.2016 raising following questions for our consideration: A. Whether on the facts and circumstances of the case and in law, the ITAT was just ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Now we come to ITA No. 1186/Ahd/2018, the Revenue has taken following grounds of appeal: (1) That the ld. CIT (A) erred in law and on facts in restricting the disallowance u/s 14A of Rs.l7,02,77,850/- to ₹ 57,72,000/-. (2) The appellant craves, to leave, to amend and/or to alter any ground or add a new ground which may be necessary. 7. Since already we have given relief to the assessee in connected appeal wherein we have held that there cannot be disallowance of Rs. more than 50,000/-. Thus in parity with the above said order, we dismiss the appeal of the revenue and delete the addition made by the authorities. 8. In the result, appeal filed by the Assessee in ITA No. 1163/Ahd/2018 is allowed and appeal filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
