9911796707
TMI Blog2021 (9) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... (Appeals) II Pune has erred allowing partial relief of Rs. 1,94,38,180/- as against disallowance of Rs. 2,06,49,222/- made by Assistant Commissioner of Income Tax Ahmednagar by invoking provisions of section 14A of IT Act. That the disallowance retained by CIT(A) II of Rs. 12,11,042/- is unwarranted & hence the addition made on account of disallowance U/s 14A of I.T. Act be deleted. 2) That the learned Commissioner of Income Tax (A) II Pune has erred on the facts & in the circumstances in confirming addition made by Assistant Commissioner of Income Tax Ahmednagar of interest U/s 244A of I.T. Act Rs. 3,38,468/-. That addition made by A.O. was unwarranted & hence the same be deleted. 3) That your appellant prays that he may be allowed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmed the addition u/s. 14A of the Act in respect of indirect expenses under clause (iii) of Sub-rule (2) of Rule 8D of the Rules. 5. Being aggrieved by the above decision of the ld. CIT(A), the appellant cooperative society is in appeal before us. 6. Ground of appeal no. 1 challenges the directions of the ld. CIT(A) confirming the addition in respect of indirect expenses under clause (iii) of Sub-rule (2) of Rule 8D of the Rules. It is submitted that while computing the disallowance under clause (iii) of Sub-rule (2) of Rule 8D of the Rules, the Assessing Officer had considered annual average of monthly average of opening and closing balance of value of investment which yielded the investment for the purpose of computing annual average v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,38,468/- being the interest on income tax refund for the assessment year 2012-13 as the same was not offered to tax by the appellant society on account of ignorance of this fact as the interest refund was adjusted against the tax liability. Even on appeal before the ld. CIT(A) also confirmed the liability. 10. We heard the rival submissions and perused the material on record. Admittedly, the interest on income tax refund of Rs. 3,38,468/- for the assessment year 2012-13 was received by the appellant society during the previous year relevant to the assessment year under consideration. The fact that such interest was adjusted against the outstanding demand of the appellant is immaterial as the adjustment of refund also amount to receipt of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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