TMI Blog2014 (6) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... AX [2013 (9) TMI 225 - ITAT DELHI] - the disallowance u/s 14A cannot exceed the expenditure actually claimed by the assessee – thus, the AO is directed to restrict the disallowance u/s 14A only to the extent of expenditure actually claimed by the assessee – Decided partly in favour of Assessee. - I.T.A.No.4915/Mum/2012 - - - Dated:- 22-5-2014 - Shri P. M. Jagtap (AM) And Dr. S. T. M. Pavalan ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8/-. In the said return, dividend income of Rs.6,66,274/- received during the year under consideration was claimed to be exempt from tax by the assessee. No disallowance on account of expenditure incurred in relation to the said exempt income however, was offered by the assessee as required by the provisions of section 14A of the Act. The AO, therefore, worked out the such expenditure at Rs.11,31, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n speculation of shares amounting to Rs.3,28,00,318/- and security transaction tax on investment amounting to Rs.1,67,805/- was added back in the computation of total income. He has submitted that out of the balance expenditure debited to the profit and loss account, the total amount of only Rs.17,640/- actually involved the expenditure claimed by the assessee which can be disallowed u/s 14A of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. It is observed that the disallowance made in the case of the assessee u/s 14A by applying Rule 8D is much more than the expenditure actually claimed by the assessee. In the case of M/s Gillette Group India (supra), the co-ordinate Bench of the Tribunal has held that the disallowance u/s 14A cannot exceed the expenditure actually claimed by the assessee. Keeping in view the said decision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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