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TMI Blog2018 (9) TMI 710X X X X Extracts X X X X X X X X Extracts X X X X ..... The ground raised by the assessee is accordingly partly allowed. - ITA No.1677/Del/2015 And ITA No.2537/Del/2015 - - - Dated:- 10-9-2018 - SMT. DIVA SINGH, JUDICIAL MEMBER AND SHRI R. K. PANDA, ACCOUNTANT MEMBER For The Assessee : Ms. Hersimran Grewal, Adv. For The Department : Shri S. R. Senapati, Sr. DR ORDER PER BECNH : These are cross appeals. The first one is filed by the assessee and the second one filed by the Revenue and are directed against the order dated 21.01.2015 of the CIT(A)- 1, New Delhi relating to assessment year 2011-12. For the sake of convenience these were heard together and are being disposed of by this common order. ITA No.1677/Del/2015 (By Assessee) : 2. Although a num ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... romotion of business and not for trading in the investment. The investment of ₹ 3.07 crores was made in the Bank of Baroda Mutual Funds, which is the banker of the company. The assessee has own paid up share capital and reserves of 85.28 crores. It was further submitted that the assessee has received only an amount of ₹ 4,280/- as dividend income during the year which have been included under miscellaneous income. Relying on various decisions, it was submitted that no disallowance u/s 14A is called for. However, the ld. CIT(A) was not satisfied with the argument advanced by the assessee and upheld the action of the Assessing Officer. 5. Aggrieved with such order of the ld. CIT(A), the assessee is in appeal before the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80/- which is the actual exempt income received by the assessee during the year. We, therefore, set-aside the order of the ld. CIT(A) and direct the Assessing Officer to restrict the disallowance u/s 14A to the extent of actual exempt income received by the assessee which in the instant case is ₹ 4280/-. The ground raised by the assessee is accordingly partly allowed. ITA No.2537/Del/2015 (By Revenue) : 9. After hearing both the sides, we find the tax effect involved in the grounds raised by the Revenue in the impugned appeal is admittedly below ₹ 20 lakhs. Therefore, the appeal filed by the Revenue is not maintainable in view of the latest CBDT Circular No.03/2018 [F.No.279/Misc.142/2007-ITJ (Pt)] dated 11th July, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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