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TMI Blog2016 (4) TMI 1418X X X X Extracts X X X X X X X X Extracts X X X X ..... hat only the investment on which the exempt income was actually earned by the assessee during the year under consideration should be taken into consideration and not the entire investment as done by the AO - HELD THAT:- As per decision of REI Agro Ltd. [ 2013 (9) TMI 156 - ITAT KOLKATA] wherein it was held that for computation of disallowance section 14A by applying Rule 8D(2)(ii), only those inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 04.03.2013 for the assessment year 2008- 09 whereby he confirmed the disallowance of ₹ 74,272/- made by the AO under section 14A of the Income-Tax Act, 1961 read with rule 8D of Income-Tax Rules 1962. 2. The assessee in the present case is an individual who filed his return of income for the year under consideration on 29.03.2010 declaring total income of ₹ 28,66,930/-. During the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd mutual funds as on 31.03.2009 - ₹ 1,29,79,962/- Total - ₹ 2,97,08,735/- Average - - ₹ 1,48,54,367.5/- Disallowance @0.5% - ₹ 74,272/- 3. On appeal, the ld. CIT(A) confirmed the disallowance made by the AO under section 14A of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal in the case of REI Agro Ltd. vs- DCIT (ITA No.1331/Kol/2011) wherein it was held that for computation of disallowance section 14A by applying Rule 8D(2)(ii), only those investments shall be considered which earn exempt income and not the total investment appearing in the balance-sheet. Respectfully following the said decision of the Coordinate bench of this Tribunal, we direct the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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