TMI Blog2013 (12) TMI 660X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI 291 - ITAT, MUMBAI] – Disallowance of 10% is justified – Decided against Revenue. - ITA No. 846/Mum/2012 - - - Dated:- 7-2-2013 - Shri D. Manmohan And Shri Rajendra,JJ. Shri Manoj Kumar Shri Gyaneshwar Kataram ORDER Per Rajendra, A.M. The following are the Grounds of Appeal filed by the Assessing Officer (AO) against the order dt. 22-11-2011 of CIT(A)-12, Mumbai. 1. " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income on 24-10-2007 declaring total income of Rs. NIL. Assessment was finalised by the Assessing Officer (AO) on 11- 12-2009 u/s.143(3) of the Income Tax Act, 1961 (Act) determining total income of the assessee at Rs. NIL. Computation of book profits u/s. 115JB was also made by the AO. 3. During the assessment proceedings, AO found that assessee-company had declared dividend income of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of Section 14A, he held that a certain part of administrative and other expenses were liable to be attributable as expenses incurred to earn exempt income, that assessee had indirectly admitted the fact of dis-allowance to be made u/s. 40A of the Act. Relying upon the cases of Godrej Agrovet Ltd. Vs. ACIT in ITA No. 1629/Mum/09 (ITAT Mumbai by order dt. 17-09-2010); Dupen Laboratories P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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