2015 (6) TMI 329

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..... - as against the tax exemption income earned by the assessee of ₹ 25,77,300/-, was finally incorrect and excessive. It is based on misapplication of Rule 8D(2)(ii). The CIT(Appeal), to certain extent dealt with that misapplication but the fact remains that the tax exempt income of ₹ 25 lakhs was in effect brought to tax by disallowance of ₹ 37 lakhs. Moreover, the relevant compon .....

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..... ged in an independent business and declared income against two heads reported as short terms capital gain of ₹ 1.18 crores and income from other sources to the tune of ₹ 31 lakhs. The total income was about ₹ 1.5 crores. The other claim of loss was in excess of that amount. The assessee's return and books reveals accrual of tax income exemption of ₹ 25 lakhs. The Assess .....

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..... The AO's initially determined disallowance to the extent of ₹ 75,41,105/- as against the tax exemption income earned by the assessee of ₹ 25,77,300/-, was finally incorrect and excessive. It is based on misapplication of Rule 8D(2)(ii). The CIT(Appeal), to certain extent dealt with that misapplication but the fact remains that the tax exempt income of ₹ 25 lakhs was in effect .....

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