DCIT, CIRCLE - 8(1), KOLKATA, KOLKATA vs. M/S. ASHIANA HOUSING LIMITED , KOLKATA

In the result, the appeal filed by the Revenue stands dismissed and the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: The Cit-A. The Cit-A By Placing His Reliance On An Order Of Kolkata Bench (Itat, Kolkata) In The Case Of Rei Agro Ltd Reported In (2013) 144 Itd 141 (Kolkata-Trib) Directed The Ao To Verify The Details Of Investment Filed Before Him & To Compute The Expenditure Accordingly In Terms Of Investment, Which Yielded Exempt Income.

section 14A, in the return filed itself was the claim that no expenditure has been incurred. The ld. A.R. further drew our attention to P&L a/c. of the assessee for the year ended on 31.03.2008 as also the balance-sheet, which were at pages 78 to 95 of the paper book. It was a submission that the shareholders' funds