TMI Blog2015 (7) TMI 1241X X X X Extracts X X X X X X X X Extracts X X X X ..... Loss Account by the assessee and thus we find no infirmity in the order of CIT(A) and therefore the ground no 2 is dismissed. - ITA No.6854/M/2012 - - - Dated:- 31-7-2015 - SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER Assessee by : Shri Raj A. Kapadia, A.R. Revenue by : Shri Vikram Batra D.R. O R D E R Per Sanjay Garg, Judicial Member: The aforesaid appeal has been filed by the Revenue against order dated 01.08.2012, passed by the Commissioner of Income Tax (Appeals) hereinafter referred to as CIT(A) raising the following grounds of appeal:- 1.(i) on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing assessee s appeal without adjudicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the basis of rent received and notional interest on the interest free security received from the tenant. The ld. AO determined the ALV of the said property at ₹ 1,50,000/- per month. The municipal rateable value of the said flat was ₹ 12,26,300/-. The CIT(A) while relying upon the decision of the Tribunal in the own case of the assessee for earlier assessment year deleted the addition by observing as under:- I have considered the facts of the case. The assessee owns property being flat no.4C at 23, Prithviraj Road, New Delhi. The said flat was given on lease to the Parent Company, Tata Steel Ltd. since March, 1994. The assessee has received rent of ₹ 7,20,000/- from the tenant and also interest free deposits of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 20,82,32,286/-. The assessee has debited the total expenditure of ₹ 4,77,399/- to P L account which has been disallowed u/s.14A of the Act. However, the AO has increased this disallowance, which exceeded to the total expenditure debited to the P L account. It has been held by the Hon ble Delhi ITA in the case of Gillete Group India (P) Ltld. v/s. ACIT (2012) 22 Taxmann.co. 61 (Delhi- Trib) that disallowance u/s 14A cannot exceed the expenditure actually claimed by the assessee. 6. The revenue relied upon the order of AO whereas the assessee vehemently argued that the case is covered by the decision of the Delhi Bench of the Tribunal in the case of Gillete Group India (P) Ltd. v/s. ACIT (2012) 22 Taxmann.co. 61 (Del ..... X X X X Extracts X X X X X X X X Extracts X X X X
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