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TMI Blog2021 (8) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... Hence, we recall the ground No. 2 in Revenue s appeal to be decided afresh. - M.A. No. 91/Mum/2021 arising out of I.T.A. No. 4754/Mum/2014 - - - Dated:- 6-8-2021 - Shri Shamim Yahya (AM) And Shri Pavankumar Gadale (JM) Assessee by : Shri Nitesh Joshi Department by : Shri Vijay Kumar Menon ORDER Per Shamim Yahya ( AM ) : - By way of this Miscellaneous Application the Revenue seeks rectification of mistake under section 254(2) of the I.T. Act in the order of this Tribunal in ITA No. 4754/Mum/2014 for A.Y. 2009-10 vide order dated 20.12.2019. 2. We have heard both the parties and perused the records. We find that by way of this Miscellaneous Application the contention of the Revenue is that ground No. 2 in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eleting the disallowance of interest expenditure of ₹ 1,67,27,608/- made under Rule 8D(ii), without appreciating the fact that the A.O has rightly computed the disallowance as per provisions of section 14A r.w.r 8D of the I.T. Act. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the Assessing Officer to restrict the addition to ₹ 16,98,745/- as against the disallowance of ₹ 1,84,26,413/- made by the A.O for the purpose of computing book profit as per the provisions of section 115JB of the I.T. Act. 5. This Tribunal has adjudicated the issue in a combined order where assessee had also filed appeal, as under after noting the Assessing Officer s and learned CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee that it will accept 0.5% disallowance sustained by the learned CIT(A) if it's claim for the strategic investment and some of the investment not yielded any exempt income is considered and proportionate reduction is done. 22. In this regard, we note that the assessee's plea of relief on account of strategic investment is no longer sustainable in view of the Hon'ble Court's decision in the case of Maxopp Investment Ltd. vs CIT, 402 ITR 640 (SC). 23. As regards the claim to consider only those investments which yield exempt income, the same is acceptable on the touchstone of the Special Bench decision in the case of ACIT vs Vireet Investments (P.) Ltd., 58 ITR 313 (Delhi-Trib.)(SB) 24. However, since the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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