2013 (12) TMI 660

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..... 2-11-2011 of CIT(A)-12, Mumbai. 1. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the Assessing Officer to re-compute the disallowance u/s. 14A on a reasonable basis relying on the judgment of Bombay High Court in the case of M/s. Godrej & Boyce Mfg. Vs. DCIT (2010) [328 ITR 81 (Bom)] without appreciating the fact the judgment of Bombay High Court .....

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..... declared dividend income of Rs. 14.64 Lakhs and same was claimed as exempt income u/s. 10(34) of the Act. AO confronted the Assessee as why the provisions of Section 14A of the Act should not be invoked for the year under consideration. After deliberating upon the submission made by the assessee-company, AO dis-allowed Rs. 15.71 Lakhs u/s. 14A of the Act r.w. rule 8D of the IT Rules 1962. 4. Asse .....

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..... 7-09-2010); Dupen Laboratories Pvt. Ltd [ITA No. 3859/Mum/02 (ITAT-'C' Bench, Mumbai) in order dt. 20-10-2009; Chemnivest Ltd., Vs. ITO (124 TTJ 577) Delhi - Special Bench; Maganlal Chagganlal Pvt. Ltd., (236 ITR 456, Bombay) and Gherzi Eastern Ltd., (ITA No. 6562/Bom/94 dt. 23-09-02 - ITAT Mumbai) he directed the AO to dis- allow 10% of the dividend received during the AY under consideration. 5. .....

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