ASHIRBAD BEHERA vs. ASST.COMMNR.OF INCOME TAX

In the result, the appeal [ITA/7/2020] filed by the

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 27Th February, 2023 Appearance : Mr. Smita Das De, Adv. …For The Appellant. Mr. J.P. Khaitan, Sr. Adv. Mr. Pratyush Jhunjhunwala, Adv. Ms. Swapna Das, Adv. …For The Respondent.. The Court : This Appeal Filed By The Revenue Under Section 260A Of The Income Tax Act, 1961 (The ‘Act’ For Brevity) Is Directed Against The Order Dated 18Th May, 2016 Passed By The Income Tax Appellate Tribunal, “B” Bench, Kolkata (The Tribunal) In Ita No.665/Kol/2012 & Ita No.325/Kol/2012 For The Assessment Year 2008-09. The Appeal Was Admitted On 12Th December, 2019 On The Following Substantial Question Of Law: “(I) Whether On The Facts & In The Circumstances Of The Case, The Learned Income Tax Appellate Tribunal Erred In Law In Holding That The Assessee Has Sufficient Own Funds, Expenditure By Way Of Interest Are Not To Be Taken In Account

2) read with rule 8D of the Rules could be invoked it was pointed out that the Assessing Officer needs to record satisfaction that having regard to the kind of the assessee suo motu disallowance under section 14A was not correct and it will be in those cases where the assessee in his return has himself apportioned but the Assessing