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TMI Blog2012 (6) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... wance cannot exceed the expenditure actually claimed by the assessee - in favour of assessee. - IT APPEAL NO. 267 (DELHI) OF 2012 - - - Dated:- 23-3-2012 - G.D. AGRAWAL, A.D. JAIN, JJ. Pradeep Dinodia, R.K. Kapoor, Ms. Pallavi Dinodia for the Appellant. Alok Singh for the Respondent. ORDER G.D. Agrawal, Vice-President This appeal by the assessee is filed against the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sallowance as per Rule 8D. However, he is not arguing in detail with regard to those errors but, his argument is limited to the fact that the disallowance cannot exceed the expenditure claimed by the assessee. He stated that total expenditure claimed by the assessee in the profit loss account is only Rs. 49,04,028/- while the Assessing Officer disallowed Rs. 2,37,59,757/-. That apart from divide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, even if it is presumed that the entire expenditure was for earning of dividend income, the disallowance cannot exceed Rs. 49,04,028/-. 4. The learned DR, on the other hand, relied upon the orders of the authorities below. 5. We have carefully considered the arguments of both the sides and perused the material placed before us. Section 14A reads as under:- "Expenditure incurred in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act :] [Provided that nothing contained in this section shall empower the Assessing Officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee's profit loss account, it is evident that the total expenditure incurred was Rs. 49,04,028/- only. Thus, the assessee claimed the deduction for the expenditure of Rs. 49,04,028/- which is debited to the profit loss account. The disallowance cannot exceed the expenditure actually claimed by the assessee. We, therefore, accept the assessee's contention that the disallowance made by the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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