TMI Blog2016 (6) TMI 884X X X X Extracts X X X X X X X X Extracts X X X X ..... - ITAT MUMBAI] - ITA No. 6825/Mum./2014 - - - Dated:- 15-6-2016 - Shri Saktijit Dey, Judicial Member And Shri Ramit Kochar, Accountant Member For the Assessee : Shri Ramakant R. Chokhani For the Revenue : Shri B.S. Bist ORDER Per Saktijit Dey, J. M. Instant appeal by the assessee is directed against the order dated 28th August 2014, passed by the learned Commissioner (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such exempt income. As observed by the Assessing Officer, disallowance of expenditure of ₹ 30,000 made by the assessee for earning of exempt income was not found to be on the basis of rule 8D. Accordingly, the Assessing Officer rejecting the claim of the assessee proceeded to compute the disallowance under section 14A r/w rule 8D at ₹ 9,87,346. Being aggrieved of such disallowance, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ock in trade can be considered for the purpose of disallowance under section 14A r/w rule 8D. 5. We have considered the submissions of the parties and perused the material available on record. At the outset, the learned Counsels appearing for both the parties agreed before us that the issue in dispute is squarely covered by the decision of the Tribunal, Mumbai Bench, in R.R. Chokhani Stock Brok ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orking of disallowance under section 14A of the Act r.w. Rule 8D of the Rules. Accordingly, the disallowance under section 14A of the Act quantified by the income tax authorities at ₹ 17,45,347/- is untenable and the working of the disallowance furnished by the assessee during the assessment proceedings at ₹ 2,80,797/- is hereby affirmed. As a consiquence, I set-aside the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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