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TMI Blog2014 (1) TMI 1229X X X X Extracts X X X X X X X X Extracts X X X X ..... ring Co. Ltd. Vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] - The manner and method of computing such in-direct expenses attributable to the earning of exempt income is now provided in Rule 8-D and the same being applicable to the year under consideration i.e 2008-09 - thus, the disallowance made by the A.O. u/s 14A of the Act by applying the said Rule was fully justified – the order of the CIT(A) confirming the disallowance made by the A.O. u/s 14A read with Rule 8-D of the Income tax Rules 1962 upheld – Decided against Assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... e u/s 14A of the Act was required to be computed as per Rule 8D. Accordingly, he made a disallowance of Rs. 2,36,939/- as per section 14A read with Rule 8-D of the Income Tax Rules, 1962. 3. The disallowance made by the A.O. u/s 14A of the Act was challenged by the assessee by filing an appeal before the ld. CIT(A) and after considering the submissions made on behalf of the assessee as well as the material available on record, the ld. CIT(A) confirmed the disallowance made by the A.O. u/s 14A read with Rule 8-D of the Income Tax Rules, 1962 for the following reasons given in para 2.3 of his impugned order:- "I have considered the facts and perusal of material on record, it is seen that the appellant has earned dividend income of Rs. 26,56 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d income without incurring any expenses, whatsoever, including management or administrative expenses. I also find that the AO has made disallowance on the basis of Rule 8D which is very much applicable to the year under consideration as held by the Hon'ble Bombay High Court in the case of Godrej & Boyce Manufacturing Co. Ltd. Vs. DCIT (2010) 328 ITR 81(Bom). In view of these fact, the disallowances made u/s.14A r.w.r. 8D is therefore upheld. This ground of appeal is dismissed. Aggrieved by the order of the ld. CIT(A), the assessee has preferred this appeal before the Tribunal. 4. At the time of hearing before us, the ld. Counsel for the assessee has reiterated the submissions made on behalf of the assessee before the authorities below whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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