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TMI Blog2019 (4) TMI 688X X X X Extracts X X X X X X X X Extracts X X X X ..... LHI HIGH COURT] Applying the said ratio to the facts of the present case, we direct the Assessing Officer to restrict disallowance under section 14A of the Act to the extent of exempt income only - Decided partly in favour of assessee. - ITA Nos.631 & 632/PUN/2018 - - - Dated:- 25-1-2019 - Ms. Sushma Chowla, JM And Shri Anil Chaturvedi, AM For the Appellant : Shri M.K. Kulkarni For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts and circumstances of the case and in law the Ld. CIT(A) was not justified in applying his own formula to compute disallowance of u/s 14A which has no basis either under the provisions of section or Rule 8-D. Therefore, the disallowance made by the Ld. CIT(A) resulting into addition of ₹ 229567/-. 2) On the facts and circumstances of the case and in law the Ld. CIT(A) ought to ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee pointed out that in assessment year 2013-14, exempt income was ₹ 80,676/-, whereas the CIT(A) has disallowed sum of ₹ 2,30,000/- under section 14A of the Act. In assessment year 2014-15, exempt income was ₹ 84,105/- and the disallowance made under section 14A of the Act was ₹ 2,29,560/-. 6. The learned Departmental Representative for the Revenue placed reliance o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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