2015 (4) TMI 1171

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..... the disallowance u/s 14A cannot exceed the amount of exempt income. The amount of disallowance u/s 14A should not exceed the exempt income. Since the total exempt income in the instant case is 25,38,020/-, we direct that the disallowance u/s 14A be restricted to 18,01,968/- (Rs.25,38,020- 7,36,052/-). The remaining amount of disallowance is directed to be deleted.
C. M. Garg (Judicial Member) A .....

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..... 4A read with Rule 8D and computed disallowance at ₹ 1.12 crore. As the assessee had offered disallowance voluntarily at ₹ 7.36 lac, he made further disallowance amounting to ₹ 1,05,07,322/-. The ld. CIT(A) upheld the addition. 4. We have heard the rival submissions and perused the relevant material on record. It is observed that the total exempt income earned by the assessee is .....

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