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TMI Blog2024 (6) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case, Ld. CIT(A) erred in directing to delete the addition of Rs. 5,08,94,301/- on account of estimation of profit @8% of WIP relied upon decision of Jurisdictional ITAT in ITA No. 1098 & 1099/Ahd/2019 dated 20.12.2021 in appellant's own case. The decision of Hon'ble ITAT has already been challagned and an appeal was already filed before the Hon'ble Gujarat High Court vide Tax appeal No. 384 & 387 of 2022. b) In the facts and on the circumstances of the case, Ld. CIT(A) erred in directing to restricted the addition of Rs. 55,80,775/- on account of disallowance u/s. 14A r.w.r. 8D to Rs. 5,12,548/- relied upon decision of Jurisdictional High Court as well as tribunal orders. The Ld.CIT(A) has not appreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... challenged by the Department and the appeal was filed before the Hon'ble Gujarat High Court vide Tax Appeal No. 384 and 387 of 2022. The ld. Authorized Representative on the other hand submitted that this issue was already adjudicated by the ld. ITAT in assessee's own case in the earlier years which was rightly followed by the ld. CIT(A). 5. We have heard both the sides and gone through order of the revenue authorities. We have also gone through the order of the ITAT in assessee's own case cited (supra) for the assessment year 2005-06 and 2013-14. We find that the Co-ordinate Bench of the Tribunal has examined and discussed the issue in length for the first time in ITA No. 2634/Ahd/2011 and 1875/Ahd/2013 for assessment year 2008-09 and 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f interest bearing fund and interest free fund. He, therefore, worked out the disallowance of Rs. 55,80,775/- u/s. 14 rwr 8D. In first appeal, the ld. CIT(A) restricted the disallowance u/s. 14A to Rs. 5,12,548/- i.e. to the extent of exempt income earned during the year. The ld. Departmental Representative submitted that the order of the ld. CIT(A) was not in accordance with CBDT Circular No. 5/2014 dated 11-02- 20214. The ld. Authorized Representative on the other hand submitted that ld. CIT(A) had rightly restricted the disallowance u/s. 14A to the extent of exempt income earned, following the decision of Apex Court and the Jurisdictional High Court. 7. We have carefully considered the rival submissions. It is found that this issue was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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