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TMI Blog2018 (11) TMI 388X X X X Extracts X X X X X X X X Extracts X X X X ..... ule 8D - Held that:- As decided in ACIT Vs. Vireet Investment (P.) Ltd. [2017 (6) TMI 1124 - ITAT DELHI] whereas it has been held that for the purpose of computing disallowance, only those investments which yielded exempt income during impugned AY were to be considered. Therefore, finding strength the argument of Ld. AR, the matter stand remitted back to the file of Ld. AO to verify the computations made by the assessee in this regard. The Ld. AO is directed to consider only those investments which have yielded exempt income during the year. The assessee, in turn, is directed to provide necessary computations in this regard. This ground stand allowed for statistical purposes. The appeal stand partly allowed for statistical purposes. Disa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.1087/Mum/2014 for AY 2010-11 which contest the order of Ld. Commissioner of Income-Tax (Appeals)-8 [CIT(A)], Mumbai, Appeal No.CIT(A)-8/Cir.4/252/2012-13 dated 03/01/2014 by raising following grounds of appeal:- 1. On the facts and in the circumstances of the cae and in law, the learned Deputy Commissioner of Income tax (hereinafter referred as DCIT ) has erred in disallowing depreciation on BSE Trading rights of ₹ 6,400,000 and the Honorable Commissioner of Income-Tax (Appeals) [hereinafter referred to as CIT(A)] has erred in confirming the action of the learned DCIT. The learned DCIT be directed to allow Depreciation claim on BSE Trading Rights amounting to ₹ 6,400,000 and reduce the total income accordingly. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition pertains to disallowance u/s 14A. It was noted that the assessee earned exempt dividend income u/s 10(34) for ₹ 31.01 Lacs and against the same, offered suo-moto disallowance of ₹ 3.05 Lacs. However, not convinced, Ld. AO applying Rule 8D, computed aggregate disallowance of ₹ 3.50 Lacs which comprised-off of interest disallowance u/r 8D(2)(ii) for ₹ 0.46 Lacs and expense disallowance u/r 8D(2)(iii) for ₹ 3.03 Lacs. After ad usting the suo-moto disallowance of ₹ 3.05 Lacs as offered by the assessee, the net disallowance thus worked out to ₹ 0.45 Lacs, which was added to the income of the assessee. Both the additions / disallowances, upon confirmation by first appellate authority, are un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irected to consider only those investments which have yielded exempt income during the year. The assessee, in turn, is directed to provide necessary computations in this regard. This ground stand allowed for statistical purposes. The appeal stand partly allowed for statistical purposes. ITA No.3672/Mum/2016, AY 2011-12 5. The effective grounds raised under the appeal read as under:- 1. On the facts and in the circumstances of the case and in law, the learned Additional Commissioner of Income tax (hereinafter referred as ACIT ) has erred in disallowing depreciation on BSE Trading rights of ₹ 48,00,000 and the Honorable Commissioner of Income-Tax (Appeals) [hereinafter referred to as CIT(A)] has erred in confirming the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT has erred in not granting deduction under Chapter VIA for ₹ 25,500 u/s. 80G. The Honorable CIT(A) has directed the AO to verify the claim and allow deduction of 50% accordingly. The learned ACIT be directed to allow deduction u/s 80G of ₹ 25,500 and reduce the total income accordingly. 6. That on the facts and in the circumstances of the case and in law, the learned ACIT has erred in charging excess interest u/s/ 234B and interest u/s. 234C of the Income Tax Act, 1961. The Honorable CIT(A) has directed the AO to re-compute the interest and charge accordingly. The learned ACIT be directed to charge interest u/s.234B and interest u/s. 234C as per law thereby reduce the total income tax demand accordingly. 6.1 Ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... angle, these transactions cannot be said to have arisen out of speculation business as being concluded by the lower authorities. These losses have arisen on account of the fact that these are punching errors while executing the trades and considering the volume of overall business being carried out by the assessee, the proportion of these losses was very miniscule in nature. Therefore, by deleting the same, we allow this ground of appeal. 6.4 In the remaining grounds, the Ld. AR is merely seeking endorsement of directions as already given by first appellate authority. In ground no.5, the assessee is aggrieved by short grant of TDS credit. The Ld. CIT(A) has directed Ld. AO to verify the TDS and allow the same as per law. In ground no.6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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