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2014 (7) TMI 1287 - ITAT KOLKATADisallowance as per Rule 8D read with Section 14A - Held that:- Respectfully following the decision of ITAT, Panaji Bench in the case of Sesa Ltd, Panaji, Goa [2013 (9) TMI 233 - ITAT PANAJI] AO merely observed that the administrative expenses disallowed by the assessee is very less but how they are less and how the other expenses incurred by the assessee related to dividend income has not been brought on record. AO has not pointed out expenses excluded by assessee for disallowance has proximate connection with dividend income - Assessing officer before rejecting disallowance computed by assessee must give a clear cut finding having regard to accounts of assessee how other expenditure claimed by assessee out of non exempt income related with exempt income. No discrepancy in claim of assessee was pointed out – Onus of proof lies on Assessing officer - disallowance u/s 14A of Act requires a clear finding of incurring of expenditure and that no disallowance can be made on basis of presumptions – Decided in favor of Assessee.
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