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2018 (3) TMI 1730 - AT - Income TaxRectification of order - non-consideration of decision of Jurisdictional High Court - mistake apparent on the record of CIT(A) - Disallowance u/s 14A r.w.r. 8D - computing average investment for the purpose of Rule 8D(2)(iii) only those investments will be taken into account which have yielded tax exempt income. - HELD THAT:- Considering case of ACIT vs Saurashtra Kutch Stock Exchange Ltd [2008 (9) TMI 11 - SUPREME COURT] we are of the view that there appears mistake apparent on the record of CIT(A) in calculating the disallowance u/s 14A r.w. Rule 8D(2)(iii) of the Act. It would not amount to review of the order of CIT(A). It is well settled law that non-consideration of decision of Jurisdictional High Court is mistake apparent from record. Ld. Counsel for the assessee, therefore, rightly contended that Ld.CIT(A) did not follow the judgement of the Jurisdictional High Court in the case of ACB India Ltd [2015 (4) TMI 224 - DELHI HIGH COURT] and shall have to rectify the mistake in his order in calculating the disallowance u/s 14A r.w. Rule 8D(2)(iii) of the Act. In view of the above discussion and in the light of the above decisions, the order of Ld.CIT(A) is set aside and matter in issue is restored to the file of Ld.CIT(A)-18, New Delhi with direction to re-decide the appeal of the assessee in the light of the decision of Jurisdictional High Court (Supra) - Decided in favour of assessee for statistical purposes.
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