2019 (4) TMI 1292

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the exempt dividend income earned by the assessee in the year under consideration. Consequently, the grounds raised by Revenue are dismissed.
Shri N.V. Vasudevan, Vice President And Shri Jason P Boaz, Accountant Member For the Assessee : Shri V. Srinivasan, Advocate. For the Revenue : Dr. P. V. Pradeep Kumar, Addl. CIT ORDER PER SHRI JASON P BOAZ, A.M. : This appeal by Revenue is directed against the order of the CIT(A)-4, Bengaluru, dated 21.11.2017 for Assessment Year 2013-14. The assessee has filed Cross Objections (C.O.) in respect of the impugned order of the CIT(A). 2. Briefly stated, the facts relevant for disposal of this appeal are as under:- 2.1 The assessee, a company engaged in real estate development, filed its return .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... le 8D(2)(ii) & 8D(2)(iii). 3. On facts of the case, whether the decision of the Ld CIT (A) is right in allowing the appeal of assessee as the same contravenes the provisions of section 14A and also the Ld CIT (A) has not followed the instructions laid down in the Board's Circular No 5/2014 dated 11.02.2014 wherein, the Board's has made it clear that the disallowance u/s 14A r.w.r 8D has to be made even where the tax payer in a particular year has not earned any exempted income. 4. For these and other grounds that may be urged at the time of hearing, it is prayed that the order of the CIT (A) in so far as it relates to the above grounds may be reversed and that of the Assessing Officer may be restored. 5. The appellant craves leav .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nouncements (supra), we hold that the disallowance u/s 14A of the Act in the case on hand should be restricted to the exempt dividend income of ₹ 3,08,226/- earned by the assessee in the year under consideration. Consequently, the grounds raised by Revenue are dismissed. 4. In the result, Revenue's appeal for Assessment Year 2013-14 is dismissed. Assessee's Cross Objections in C.O. No.54/Bang/2018 - Assessment Year 2013-14 5.1 In its Cross Objections (C.O.), the assessee has raised the following grounds: 1. The orders of the authorities below in so far as they are against the Cross-objector/respondent are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. 2. The learned CIT[A] is not j .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X