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TMI Blog2021 (8) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... reme Court by the learned CIT(Appeals), we fail to understand how the same supports the case of the revenue here that without assigning any reason whatsoever as to why the suomoto disallowance proposed by the assessee on the facts of this case is to be rejected. Furthermore by choosing not to follow the ITAT decision in assessee's own case [ 2015 (11) TMI 1057 - ITAT MUMBAI] learned CIT(Appeals) has displayed scant regard to the principle of judicial discipline. For these reasons narrated above the order of learned CIT(Appeals) cannot be sustained. We set aside the order of authorities below and direct that the suomoto disallowance proposed by the assessee in the submissions above - Decided partly in favour of assessee. - I.T.A. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shares 1,56,198/- Mutual fund units 14,71,133/- Tax free dividend (B) 16,27,331/- Total exempt income (A+B) 20,91,427/- On enquiry by the AO for disallowance u/s 14A, the assesee submitted that during the year under consideration, the assessee has incurred advisory service charges of ₹ 57,331/- and securities transaction fax other charges of ₹ 40,889/- towards earning exempt income. However, the said expenses were debited to capital account of the assessee and the appellant did not claim it in his Income Expenditure accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion for earning the exempt income cannot be denied . Thereafter, the AO computed disallowance u/s. 14A r.w.r 60 of the Rules at ₹ 4,66,353/-. 4. Before the learned CIT(Appeals) the inter alia submission of the assessee noted were as under :- At the outset, we would like to bring to Your Honour's notice that the Mumbai Tribunal in appellant's own case In AYs 2008-09 2009-10, has restricted the disallowance under section J4A of the Act to the extent of suo moto disallowance made by the assessee (i.e. advisor charges and STT which was already debited to capital account] plus bank charges and accounting charges debited in the Income Expenditure Account. Thus, relying upon the ITAT decision in appellant's own case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce made by the assessee. There is no change in the facts and circumstances of the case. No reason whatsoever has been attributed by the assessing officer or CIT(A) as to why the suomoto disallowance by the assessee is not appropriate. The learned CIT(Appeals) has referred to the decision of Supreme Court in Maxopp for the proposition referred above. From the reference to the honourable Supreme Court by the learned CIT(Appeals), we fail to understand how the same supports the case of the revenue here that without assigning any reason whatsoever as to why the suomoto disallowance proposed by the assessee on the facts of this case is to be rejected. Furthermore by choosing not to follow the ITAT decision in assessee's own case learned CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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