2015 (5) TMI 1170

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..... ing all we decline to interfere with the findings of the Ld. CIT(A). - Decided against revenue - I.T.A. No. 2517/Mum/2013 - - - Dated:- 19-5-2015 - Shri Joginder Singh And Shri n.k. Billaiya, JJ Appellant by: Shri Neil Philip Respondent by: Shri Sanghvi ORDER N.K. Billaiya, This is an appeal by the Revenue preferred against the order of the Ld. CIT(A)-2, Mumbai dt. .....

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..... The assessee filed a detailed reply claiming that there is no dividend income since none of the investments are dividend generating investments. The AO did not accept this submission of the assessee claiming that since there was no dividend income there cannot be a question of disallowance of expenses u/s. 14A of the Act. The AO proceeded by computing the disallowance in the light of the provision .....

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..... e considered that these investments are tax exempt investments. In view of this position, no disallowance needs to be made u/s. 14A of the Income-tax Act in this A.Yr 2009- 10. The AO is directed to delete the addition of ₹ 13,79,844/-. 5. Aggrieved by this, the Revenue is before us. 6. The Ld. Departmental Representative supported the assessment order. 7. Per contra, the Ld. Couns .....

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