TMI Blog2013 (4) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to the exempt - The orders of both the authorities are silent in the matter - The Revenue has also not brought on record its figure, with reference to which only, coupled withother relevant information, the reasonability or otherwise of the disallowance, which is being impugned by the Revenue, could be adjudged by us. The disallowance at Rs.10,000/-, which works to 6.17% of the exempt incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its assessment u/s.143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) vide order dated 16.11.2010 for the assessment year (A.Y.) 2007-08. 2. The facts in brief are that the assessee was found to be in receipt and of having claimed exemption (u/s. 10(36) of the Act) in respect of dividend income in the sum of Rs.1,61,866/- for the relevant year. Accordingly, the provision of section 14A o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Mf. Co. Ltd. vs. Dy.CIT [2010] 328 ITR 81 (Bom), rule 8D, which stood applied by the A.O., was not retrospective and would apply only from A.Y. 2008-09 onwards, though, however, section 14A having been inserted retrospectively w.e.f. 01.04.1962, a disallowance u/s.14A could be reasonably worked out by the assessing authority. Hence, the restriction afore-stated, by him. Aggrieved, the Revenue is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sr. No. Case Citation 1. Sumitomo Mitsui Banking Corporation Vs. DCIT (Intl. Tax) (2012) 34 CCH 013 Mumbai 2. ITO Vs. M/s. BPS Securities P. Ltd. ITA NO. 123/Kol/2010 3. DDIT (IT) Vs. State Bank of Mauritius ITA No. 2456/Mum/2006 5. We have heard the parties, and perused the material on record as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with reference to which only, coupled with other relevant information, the reasonability or otherwise of the disallowance, which is being impugned by the Revenue, could be adjudged by us. Under the circumstances, the disallowance at Rs.10,000/-, which works to 6.17% of the exempt income, cannot be held as unreasonable, particularly considering that there is nothing adverse on record, and the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
