TMI Blog2016 (7) TMI 1295X X X X Extracts X X X X X X X X Extracts X X X X ..... ition of the issue, we are of the opinion that the disallowance under the said provisions of 14A read with Rule 8D should be restricted to the exempt income. We direct the AO accordingly. - Decided in favour of assessee. - I.T.A. No. 423/M/2015 - - - Dated:- 19-7-2016 - D. Karunakara Rao (Accountant Member) And Sanjay Garg (Judicial Member) For the Appellant : Vijay Mehta/Anuj Kisnadwala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he disallowance under the said provisions of Rule 8D at ₹ 12,28,308/-, which is equivalent of all the debits in P L Account. Bringing our attention to various binding decisions on the subject, Ld Counsel for the assessee demonstrated that the disallowance u/s 14A of the Act under the above factual matrix should not exceed the foresaid exempt income of ₹ 1,32,433/-. In support of his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are placed on record from pages 1-45 of the paper book. 3. On the other hand, Ld DR for the Revenue relied on the orders of the Revenue Authorities. 4. We have heard both the parties and perused the orders of the Revenue Authorities as well as judgment of the Hon ble Delhi High Court in the case of Joint Investments Pvt Ltd (supra)and the cited decisions of the Tribunal (supra). On perusal o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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