9911796707
TMI Blog2018 (3) TMI 1902X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER R.S. SYAL, VP: These two cross appeals - one by the assessee and the other by the Revenue - are directed against the order passed by the CIT(A) on 01.08.2014 in relation to the assessment year 2010-11. 2. The only issue raised by the Revenue as well as the assessee in their respective appeals is against reduction/sustenance of disallowance u/s 14A of the Income-tax Act, 1961 (here ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is an admitted position that the assessee earned exempt dividend income of Rs. 4,30,621/- as has been recorded on page 2 of the assessment order. The Hon'ble jurisdictional High Court in Principal CIT vs. Empire Package Pvt. Ltd. (2016) 286 CTR 457 (P&H), considered the following question raised by the Revenue :- "Whether in the facts and circumstances of the case, the Hon'ble ITAT is ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 14A gets restricted to the extent of exempt income, even if the provisions of the section are attracted. In view of the above precedents, which are squarely applicable to the facts of the instant case, we limit the disallowance to the extent of exempt income of Rs. 4,30,621/-. The impugned order is modified pro tanto. 7. In the result, the appeal of the Revenue is dismissed and that of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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