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TMI Blog2021 (8) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... at the issues raised in both the appeals are based on similar identical facts and prayed to take up the same together. Therefore, with the consent of both the parties, we proceed to hear both the appeals together and to pass a consolidated order for the sake of convenience. 3. First, we shall take up appeal of assessee in ITA No. 1213/PUN/2017. 4. The only issue raised for our consideration is as to whether the CIT(A) justified in confirming the addition made by the AO u/s. 2(22)(e) of the Act in the facts and circumstances of the case. 5. Heard both the parties and perused the material available on record. We note that the assessee is a registered firm and deals in the business of silver, gold ornament and bullion. During the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n this appeal in conformity with the directions rendered by the Tribunal in its order for preceding A.Y. 2010-11 vide para No. 7. For ready reference the relevant portion of the said order in A.Y. 2011-12 is reproduced here-in-below : "5. The next issue taken up by the assessee in its appeal is against confirmation of addition amounting to Rs. 2,07,84,694/- u/s.2(22)(e) of the Act. 6. The facts apropos this issue are that the AO found the assessee to have received loans from M/s. Manraj Jewellers Pvt. Ltd. and M/s. R.L. Gold Pvt. Ltd., with opening balances at Rs. 37.67 crore and Rs. 42.76 crore respectively and corresponding closing balances at Rs. 55.69 crore and Rs. 60.13 crore respectively. Considering the fact that he had made a si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al of Revenue in ITA No. 1396/PUN/2017. 9. The only issue raised by the Revenue for our consideration is as to whether the CIT(A) justified in deleting the addition made on account of disallowance made u/s. 14A r.w. Rule 8D in the facts and circumstances of the case. 10. Heard both the parties and perused the material available on record. We note that according to the AO the assessee has utilized the business funds for investment in equity shares and made applicable Rule 8D for the purpose of computing the expenditure in relation to the exempt income. Accordingly, an amount of Rs. 7,34,02,058/- has been disallowed u/s. 14A r.w. Rule 8D by making applicable the CBDT Circular No. 5/2014 dated 11-02-2014. The CIT(A) held the circular issued ..... X X X X Extracts X X X X X X X X Extracts X X X X
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