TMI Blog2015 (1) TMI 1289X X X X Extracts X X X X X X X X Extracts X X X X ..... e 8D(iii) made by the Assessing Officer and upheld by the ld. CIT(A) is not correct in view of the fact that Assessing Officer had included the value of total investments for calculation of disallowance whereas in our opinion the value of those investments should have been included which were made for the purpose of earning exempt income. The assessee had made significant investments in the shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment years 2008-09 and 2009-10 in the matter of order passed u/s 143(3) of the Income Tax Act, 1961. 2. The common grievance in both these appeals relate to the disallowance made by the A.O. and confirmed by the ld. CIT(A) u/s 14A read with Rule 8-D of the Income Tax Rules, 1962. 3. Rival contentions have been heard and perused the records. The A.O. has made the disallowance u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. ITA No. 3186/M/08 ii) Zenstar Technologies Ltd. ITA No. 4538/M/05 iii) Shri Bhalchandra R. Sule ITA No. 3684/M/05 iv) EIH Associated Hotels vs. DCIT ITA No. 1503/Mad/12 v) Interglobe Enterprises Ltd. vs. DCIT ITA No. 1362 1032/Del/13 vi) JM Financial Limited vs. ACIT ITA No. 4521/M/12 vii) CIT vs. Oriental Structural Engineers P. Ltd. ITA 605 of 2012(HC) vii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicial pronouncements cited above, such investments should not be taken into account for working out the disallowance u/s 14A of the Act. 6. In the case of Interglobe Enterprises Ltd. vs. DCIT, ITAT Delhi Bench in ITA No. 1362 1032/Del/2013 for A.Y. 2008-09 and 2009-10, vide order dated 4-4-2014 concluded as under:- However, we find that the calculation of disallowance under Rule 8D(iii) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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