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TMI Blog2021 (1) TMI 1134X X X X Extracts X X X X X X X X Extracts X X X X ..... by assessee or the disallowance as suo-moto computed by assessee? - HELD THAT:- As gone through the decision of Hon ble Supreme Court in the case of Maxopp Investments Ltd [ 2018 (3) TMI 805 - SUPREME COURT] wherein as categorically held that the disallowance cannot exceed the exempt income. Hence, we delete the suo-moto disallowance made by assessee at 5,86,52,973/- and restricted the disallowanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is against the order of CIT(A) restricting the disallowance suo-moto computed by assessee at ₹ 5,86,52,973/- as against the exempt income earned by assessee at ₹ 13,17,233/-. For this assessee has raised following grounds: On the facts and in the circumstances of the case and in law, the Hon'ble CIT(A) ought to have restricted the disallowance under Section 14A of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance under Rule 8D(2)(ii) at ₹ 27,15,12,687/- under Rule 8D(2)(iii) at ₹ 2,14,47,136/-. Thereby the total disallowance made was ₹ 29,29,59,823/-. 4. Aggrieved, assessee preferred appeal before the CIT(A). The CIT(A) deleted the disallowance made by Assessing Officer under Rule 8D(2)(ii) i.e. interest expenditure amounting to ₹ 27,15,12,687/-, but CIT(A) confirmed the disal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4A as explained in paras 5.9 to 5.20 above. However, since, the assessee itself had computed disallowance u/s. 14A of ₹ 5,86,52,973/- which it had added back in the computation of income, the disallowance u/s 14A so re-computed cannot be less than the said amount of ₹ 5,86,52,973/-. Accordingly, this ground of appeal is partly allowed." 5. Aggrieved, assessee came in appeal before the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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