Dismissing the appeal of the Revenue the Court held that  most fundamental requirement under section 14A and rule 8D is that Assessing Officer should record his dissatisfaction with correctness of claim of assessee in respect of expenditure and to arrive at such dissatisfaction, he should give cogent reasons. On the fcats the  Assessing Officer had not recorded his satisfaction as to why he was not satisfied with claim of assessee in respect of expenditure in relation to exempt income in form of dividend and long-term capital gain, impugned disallowance made under section 14A by applying rule 8D was to be deleted. Order of Tribunal is affirmed. (AY. 2008-09)