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TMI Blog2020 (12) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... income was received from one group company named M/s. Mindtree Limited and the long term capital gain was also earned on sale of shares of M/s. Mindtree limited. As in the earlier year, the disallowance made by the assessee voluntarily is more than the amount of exempted income. Hence,disallowance voluntarily made by the assessee would meet the requirements of sec. 14A of the Act. Accordingly, following the order passed in AY 2013-14, we are of the view that further disallowance made by the AO and confirmed by ld CIT(A) is not warranted in the facts and circumstances of the case. - Decided in favour of assessee. - ITA No. 459/Bang/2020 - - - Dated:- 7-10-2020 - George George K., Member (J) And B.R. Baskaran, Member (A) For the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndered by another coordinate bench in the case of M/s. Way2Wealth Securities Pvt. Ltd. (ITA No. 1679/Bang/2017) dated 1/6/2018, wherein the said coordinate bench has followed the decision rendered by Hon'ble Delhi High Court in the case of Joint Investment Pvt. Ltd., 372 ITR 694 and Holecim India Pvt. Ltd., 272 CTR 282. The ld AR submitted that the disallowance voluntarily made by the assessee u/s. 14A of the Act is more than the amount of dividend and hence no further disallowance is called for, in the facts and circumstances of the case. He submitted that identical issue has been considered by the co-ordinate bench in the assessee's own case for assessment year 2013-14 in ITA No. 2820/Bang/2018 dated 10-06-2019 and the Tribunal ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mputation of income placed at page 65 of the paper book, the assessee has also earned Long term capital gain of ₹ 13 crores and claimed the same as exempt. Thus aggregate amount of exemption claimed was ₹ 21.47 crores. We also notice that the dividend income was received from one group company named M/s. Mindtree Limited and the long term capital gain was also earned on sale of shares of M/s. Mindtree limited. We notice that, as in the earlier year, the disallowance made by the assessee voluntarily is more than the amount of exempted income. Hence, we are of the view that the disallowance voluntarily made by the assessee would meet the requirements of sec. 14A of the Act. Accordingly, following the order passed in AY 2013-14, we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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