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TMI Blog2015 (12) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... Ramit Kochar, Accountant Member For The Assessee : Shri Rishabh Shah For The Revenue : Shri Chandip Singh -DR ORDER Per Joginder Singh (Judicial Member) The assessee is aggrieved by the impugned orders dated 29/07/2011 and 19/09/2013 for Assessment year 2009-10 2010-11 respectively, of the ld. First Appellate Authority, Mumbai. 2. During hearing of this appeal, we have heard Shri Rishabh Shah, ld. counsel for the assessee and shri Chandip Singh, ld. DR. At the outset, the ld. counsel for the assessee did not press ground no.2 (ITA NO.6680/Mum/2013) with respect to disallowance of ₹ 2,03,162/- under the head share issue expenses. The ld. DR had no objection, therefore, this ground is dismissed as not pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The return was selected for scrutiny assessment and accordingly statutory notices u/s 143[2] / 142[1]] were issued and served upon the assessee. 4. During the course of the assessment proceedings the AO noticed that the assessee has earned dividend income of ₹ 11096991.00 which it claimed to be exempt from tax . The AO observed that the assessee has not attributed any expenditure for earning exempt income nor it has disallowed any expense in its computation of income for the year under consideration. The AO invoked the provisions of sec.14A r.w rule 8D of the Act, and calculated the disallowable expenditure at ₹ 14,06,325.00 , and added to the income of the assessee . 5. The assessee carried the matter before the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the light of the provisions of Sec.14A[2] of the Act, which is as under: 2) The Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be prescribed, if the Assessing Officer, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this Act. 9. As the assessee has given a calculation of disallowable expenditure during the course of the assessment proceedings itself which the AO ought to have considered before proceeding furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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