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TMI Blog2019 (3) TMI 286X X X X Extracts X X X X X X X X Extracts X X X X ..... atha, AM For the Appellant : Shri Apurva R. Shah, AR For the Respondent : Shri Vijay Kumar Jaiswal, DR ORDER PER MAHAVIR SINGH, JM: These appeals filed by the three different assessee are arising out of the different orders of Commissioner of Income Tax (Appeals)-2, Mumbai [in short CIT(A)], vide appeal No. CIT(A)-2/IT/175,178,179,180/2016-17 even dated 19.12.2017. The Assessments were framed by the Asst. Commissioner of Income Tax, Circle-1(1)(1), Mumbai (in short ACIT/ITO/ AO ) for the A.Ys. 2013-14, 2014-15 vide order dated 14.12.2016 under section 143(3) of the Income Tax Act, 1961 (hereinafter the Act ). 2. The only common issue in these four appeals of three different assessee is as regards to the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the assessee has earned dividend income of ₹ 4,95,300/- during the year from investment made in the past, out of own funds. The assessee claimed this dividend income as exempt under section 10(34) of the Act. The assessee offered direct expenses under Rule 8D(2)(i) i.e. demat charges and further estimated the disallowance out of the administrative expenses under Rule 8D(2)(iii) at ₹ 3023/-. But according to the AO, the assessee has incurred expenses for earning of this exempt income and then he invoked the Rule 8D(2)(iii) and made disallowance of ₹ 3,29,903/- apart from already disallowed by the assessee suo motto of ₹ 3023/-. Aggrieved, assessee preferred the appeal before CIT(A). The CIT(A) confirmed the disallo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to say that the Assessing Officer shall give adequate opportunity of being heard to the assessee. Since we followed the order of the Special Bench Tribunal and held that the only the investments yielding dividend income should be considered for disallowance under Rule 8D(2)(iii) the other contentions raised by the assessee need not gone into as they are not relevant as submitted by Ld. A.R. When a query was put to the learned Sr. Departmental Representative, he simply relied on the assessment order. 7. After considering the rival submissions and going through the facts of the case, we find that in all these appeals facts and circumstances are exactly identical. Hence, we also direct the AO to consider the investments which are givi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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