9911796707
TMI Blog2019 (4) TMI 1652X X X X Extracts X X X X X X X X Extracts X X X X ..... f income for the year under consideration on 23.09.2013 declaring a total income of Rs. 1,87,68,010/-. In the said return, dividend income of Rs. 2,36,300/- received during the year under consideration was claimed to be exempt by the assessee. No disallowance on account of expenditure incurred in relation to the said exempt income however was offered by the assessee as required by the provisions of section 14A. The AO, therefore, applied Rule 8D to work out the expenditure incurred by the assessee in relation to the exempt income at Rs. 5,35,092/- and made a disallowance to that extent u/s 14A. 4. The disallowance of Rs. 5,35,092/- made by the AO u/s 14A read with Rule 8D was challenged by the assessee in the appeal filed before the Ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned DR has contended that these submissions now being specifically made by the learned counsel for the assessee for the first time before the Tribunal require rectification and an opportunity may be given to the AO to verify the same. We find merit in the contention of learned DR and the learned counsel for the assessee has not raised any objection in this regard, we restore this issue to the file of the AO for deciding the same afresh after considering the submissions made on behalf of the assessee before the Tribunal. Ground No. 1 and 2 of the assessee's appeal are accordingly treated as allowed for statistical purpose. 6. The issue raised in Ground No. 3 relates to the disallowance of Rs. 80,649/- made by the AO and confirmed by the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar Quantity Cost Index cost (2012-13) Date of sale Quantity Value Indexed gain/loss 2001-02 6000 l 0,920 21 840 2001-02 3000 5,460 10920 1992-93 101 1,010 3858 1992-93 1995-96 4899 2550 7449 65,100 33,890 98,990 2,48,722 1,02,755 3,51,477 16550 1,16,380 3,88,095 30-10-12 16550 194462.50 (-)1,93,633 On the basis of the above working, the AO restricted the claim of the assessee for long term capital loss of Rs. 2,74,282/- to Rs. 1,93,633/-. On appeal, the Ld. CIT(A) upheld the order of the AO on this issue. 9. We have heard the arguments of both ..... X X X X Extracts X X X X X X X X Extracts X X X X
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