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TMI Blog2016 (1) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowance of expenditure to the tune of ₹ 2,49,45,390, which is much higher than the disallowance which could have been made by applying the provisions of rule 8D. Therefore, the assessee having already made disallowance under section 14A, for an amount of ₹ 2,49,45,390, any further disallowance over and above the said amount is not only unreasonable but is against equity, fair play and justice. That being the case, we delete the addition of ₹ 18,45,336, made by the Assessing Officer under section 14A r/w rule 8D. - Decided in favour of assessee - ITA No. 6257/Mum/2013 - - - Dated:- 30-9-2015 - Rajendra, AM And Saktijit Dey, JM For the Appellant : Shri Vivek Butra For the Respondent : Shri Milin Dattani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred appeal before the learned Commissioner (Appeals). In the course of hearing of appeal, it was submitted by the assessee that during the year under consideration, the assessee has incurred total expenditure of ₹ 3,11,29,227, out of which an amount of ₹ 2,49,45,390, was disallowed by the assessee itself on a pro rata basis by applying the provision of section 14A of the Act and the assessee claimed expenditure only to the tune of ₹ 61,83,838. He, therefore, submitted that further disallowance of ₹ 18,95,141 by applying rule 8D over and above the disallowance already made by the assessee is not justified. The assessee also raised an additional ground to the effect that since the Assessing Officer made disallowance b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e had made investment of ₹ 37,31,76,398, as on 31st March 2009 and ₹ 38,48,79,898, as on 31st March 2010, in shares which has resulted in dividend income to the assessee to the tune of ₹ 35,72,428. Though the Assessing Officer in the assessment order has not mentioned anything about the pro rata disallowance made by the assessee under section 14A of the Act, but, the learned Commissioner (Appeals) accepts the fact that assessee suo motu had made disallowance of expenditure to the tune of ₹ 2,49,45,390 under section 14A of the Act. On a reference to the relevant statutory provisions as contained under section 14A, it is seen it was brought to the statute by Finance Act, 2001, with retrospective effect from 1st April 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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