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2015 (9) TMI 126 - AT - Income TaxDisallowance u/s.14A read with Rule 8D - Held that:- It is true that CIT (A) had followed his own order for A. Ys. 2009-10 and 2010-11 for confirming the disallowance made by the AO u/s.14A read along with Rule 8D(2)(ii) and 8D(2)(iii). Assessee had moved in appeal before this Tribunal for A. Y. 2009-10. This Tribunal held as seen from the facts on record that the assessee has not deducted any expenses direct or indirect, while computing its income from dividend income which is exempt under section 10(34) of the Act. In this regard on a similar issue, a co-ordinate bench of this Tribunal in the case of Jindal Aluminium Ltd.(2015 (9) TMI 107 - ITAT BANGALORE), has held that it is necessary for the assessee to point out how each item of expense debited to its profit and loss account is wholly incurred for the purpose of earning income which is taxable and therefore remanded the matter for re-examination to the file of the Assessing Officer. In the case on hand too, similarly, we find that the position is that the assessee has merely taken the stand that it has not incurred any direct or indirect expenditure in earning its dividend income which is exempt under section 10(34) of the Act. We are therefore of the view that it would be in the interest of equity and justice if the assessee makes its claim in this regard before the Assessing Officer. The Assessing Officer will examine the claim of the assessee and thereafter decide the issue in accordance with law and as explained in the judicial decisions referred to (supra). Thus remit the issue regarding disallowance u/s.14A of the Act, back to the file of the AO - Decided in favour of assessee for statistical purposes.
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