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M/s. Inventure Growth & Securities Ltd. 201, Viraj Tower, Near Landmark Western Express Highway, Andheri East Mumbai- 400 064 Vs. CIT(A)-8 Aayakar Bhavan Mumbai 400 020
August, 11th 2014
                       MUMBAI BENCH "I", MUMBAI


                               ITA No. 850/Mum/2013
                              Assessment Year: 2009-10

         M/s. Inventure Growth &               CIT(A)-8
         Securities Ltd.                        Aayakar Bhavan
         201, Viraj Tower, Near            Vs. Mumbai 400 020
         Landmark Western Express
         Highway, Andheri East
         Mumbai- 400 064
               (Appellant)                                  (Respondent)

                    Permanent Account No. :-AAACI 2044 K

                            Assessee by      :   Shri Paresh Vakharia
                             Revenue by      :   Shri Sanjeev Jain

                      Date of hearing  : 03.06.2014
                 Date of Pronouncement : 08.08.2014



      This appeal filed by the Assessee is directed against the order of the
Ld.CIT(A) -8, Mumbai dated 26.11.2012 for the Assessment Year 2009-10.
2.    In this appeal, the assessee has raised following grounds:-
      "In the facts and circumstances of the case and in law, the Ld.CIT(A) erred in
      confirming disallowance of Rs.6,27,490/- u/s 14A of the Income-tax Act read
      with Rule 8D of the Income-tax Rules.
      The Ld.CIT(A) committed error in not appreciating your appellant's detailed
      submissions on facts and also committed grave error in law in not
      appreciating the legal precedents cited before, including the directly
      applicable judgments of the jurisdictional High Court.

3.    The relevant facts are that during the assessment proceedings, the AO
observed that the assessee had earned exempt income and allocated Rs.1,00,000/-
as expense towards earning the exempt income on ad hoc basis. However, the AO
computed the disallowance u/s 14A in accordance with the provision of Rule 8D at
                                                                                        ITA No. 850/Mum/2013
                                                 2                       M/s. Inventure Growth & Securities Ltd.
                                                                                     Assessment Year: 2009-10

Rs.6,27,490/-. On appeal, the Ld.CIT(A), by following the order of the Ld.CIT(A) for
the earlier A.Y. 2008-09, dismissed the ground of appeal and thereby confirmed the
said disallowance made by the AO. Aggrieved by the impugned decision, the
assessee is in appeal before us.
4.     Having heard both the sides and perused the material on record, it is
pertinent to mention that according to the assessee, the assessee has not preferred
any further appeal to the Tribunal against the order of the Ld.CIT(A) for the earlier
A.Y. 2008-09 considering the smallness of the amount involved in the said
assessment year. However, it has been brought to our notice that during the year
under consideration, the assessee has made elaborate submission citing various
decisions before the Ld.CIT(A) and pleaded that the disallowance made by the AO is
unwarranted. The relevant submission made before the Ld.CIT(A) is part of the
records and the same is available at pages 29 to 45 of the Paper Book. In view of
the fact that the Ld.CIT(A) has simply passed the impugned order without
considering the submissions and the case laws cited by the assessee and confirmed
the disallowance, we are of the considered view that it is just and proper to set aside
this appeal to the file of the Ld.CIT(A) for readjudication after providing reasonable
opportunity of being heard for passing reasoned order. We direct and order
4. In the result, the appeal filed by the Assessee is allowed for statistical purpose. Order pronounced in the open court on 8th day of August, 2014. Sd/- Sd/- (D. KARUNAKARA RAO) (Dr. S.T.M. PAVALAN) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dated: 08.08.2014 *Srivastava Copy to: The Appellant The Respondent The CIT, Concerned, Mumbai The CIT(A) Concerned, Mumbai The DR "I" Bench //True Copy// By Order Dy/Asstt. Registrar, ITAT, Mumbai.
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