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TMI Blog2020 (8) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... he ld. CIT (A) as it is settled principle of law that disallowance u/s 14A cannot exceed the exempt income earned by the assessee. Hon ble Delhi High Court in the case of Joint Investments Pvt. Ltd. vs. CIT [ 2015 (3) TMI 155 - DELHI HIGH COURT ] held that, the disallowance more than exempt income earned by the assessee during the year under assessment cannot be made. Consequently, the appeal file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the provisions of section 14A, had after recording his satisfaction under the provision of section 14A had correctly computed the disallowance under the Rule 8D of the Income Tax Rules. 2. Briefly stated the facts necessary for adjudication of the issue at hand are : the assessee is into the business of providing consultancy relating to investment, acquiring, holding procuring, purchasing all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the disallowance made by the AO u/s 14A of the Act to ₹ 1,70,151/- i.e. to the extent of dividend income claimed as exempt income by partly allowing the appeal. Feeling aggrieved, the Revenue has come up before the Tribunal by way of filing the present appeal. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see any reason to deviate the principle followed by the CIT(Appeals), whereby disallowance made was deleted. Admittedly, the appellant has disclosed dividend income of ₹ 1 ,70,051/- during the year, which is claimed as exempt. However, disallowance computed is far and excess of the exempt income claimed. The Hon'ble Delhi High Court in the case of Joint Investment (P) Ltd. vs. CIT 2015/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned by the ld. CIT (A) as it is settled principle of law that disallowance u/s 14A cannot exceed the exempt income earned by the assessee. Hon ble Delhi High Court in the case of Joint Investments Pvt. Ltd. vs. CIT (2015) 372 ITR 694 (Del.) held that, the disallowance more than exempt income earned by the assessee during the year under assessment cannot be made. Consequently, the appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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