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TMI Blog2018 (11) TMI 1854X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of Joint Investments (P.) Ltd. [ 2015 (3) TMI 155 - DELHI HIGH COURT] held that the window for disallowance is indicated in section 14A and is only to the extent of disallowing expenditure incurred by the assessee in relation to exempt income. Therefore, we are of the view that disallowance under section 14A cannot exceed the exempt income, and, hence, we direct the assessing officer to re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ASS and notice u/s 143(2) was issued and served on the assessee. In response to the said notice, the AR of the assessee filed the required information. 2.1 On verification of the profit & loss account, the AO noticed that the assessee had claimed an amount of ₹ 56,21,536/- towards interest. On verification of the balance sheet and books of account, he noticed that the advances from customer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, the CIT(A) confirmed the disallowance made by the AO. 5. Aggrieved by the order of CIT(A), the assessee is in appeal before us raising the following grounds of appeal: "1. The order of the learned Commissioner of Income-Tax (Appeals) is erroneous both on facts and in law. 2. The learned Commissioner of Income-Tax (Appeals) erred in confirming the addition made by the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, the assessee claimed exempt income in the return of income is only ₹ 2,59,298/-, whereas, the AO computed the disallowance of expenditure u/s 14A at ₹ 14,52,640/-. The grievance of the assessee is that disallowance u/s 14A cannot exceed the exempt income. We find that the Hon'ble Delhi High Court in the case of Joint Investments (P.) Ltd. All ITAT (5433) ITAT Mumbai (1687) held th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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