TMI Blog2013 (6) TMI 761X X X X Extracts X X X X X X X X Extracts X X X X ..... heet exhibited at pages 14 & 15 of the Paper book show that the assessee has not claimed any expenses therefore, we do not find any reason for making any disallowance u/s. 14A r.w. Rule 8D of the Act. However, to meet the ends of justice, we direct the AO to restrict the disallowance to 5% of the exempt income. - I.T.A. No.217/Mum/2011 - - - Dated:- 17-6-2013 - SHRI H.L. KARWA, PRESIDENT AND S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing this exempt income. The assessee filed a detailed working of disallowance u/s. 14A of the Act. The explanation of the assessee was rejected by the AO who went on to disallow a sum of ₹ 49,211/- being 20% of the total exempt income and added u/s. 14A of the Act. 4. The assessee carried the matter before the Ld. CIT(A) but without any success. The Ld. CIT(A) was of the opinion that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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