9911796707
TMI Blog2018 (2) TMI 2070X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of interest expenditure equivalent to the dividend income or exempt income by following the decision of the Hon ble Delhi High Court in the case of CIT Vs. Taikisha Engg. (I) Ltd., [ 2014 (12) TMI 482 - DELHI HIGH COURT] - Tribunal has placed reliance upon the decision of the ITAT, Mumbai Bench in the case of Daga Global Chemicals Ltd.[ 2015 (1) TMI 1204 - ITAT MUMBAI] Neither the AO has mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld.CIT(A), Ahmedabad dated 24.8.2016 passed for the Asstt.Year 2013-14. 2. The grounds of appeal taken by the assessee are not in consonance with the Rule 8 of the Income Tax (Appellate Tribunal) Rules, 1963 - they are descriptive and argumentative in nature. In brief grievance of the assessee is that the ld.CIT(A) has erred in confirming disallowance of ₹ 2,23,236/- made by the AO under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inus interest income ₹ 6,70,472/-. Appeal to the ld.First Appellate Authority did not bring any relief to the assessee. 4. The ld.counsel for the assessee at the very outset submitted that similar disallowance was made in the Asstt.Year 2012-13. When the dispute travelled to the Tribunal in ITA No. 3266/Ahd/2015, the Tribunal has restricted the disallowance equivalent to the exempt income e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... micals Ltd., in ITA No.5592/Mum/2012 order dated 1.1.2015. Undersigned is also party to order of the ITAT in the Asstt.Year 2012-12 which is a Division Bench decision. I find that neither the AO has mentioned exact amount of dividend income or exempt income earned by the assessee in the assessment order nor ld.CIT(A). According to the assessee details available at page no.28 of the paper book indi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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