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2016 (7) TMI 1295 - ITAT MUMBAI

2016 (7) TMI 1295 - ITAT MUMBAI - TMI - Disallowance u/s 14A read with Rule 8D - Held that:- The exempt income surely cannot swallow the entire amount and the disallowance u/s 14A read with Rule 8D cannot exceed the exempt income [SEE Daga Global Chemicals P Ltd (2015 (1) TMI 1204 - ITAT MUMBAI)]. Considering the settled legal position 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 .....

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und which reads as under:- The CIT (A) erred in confirming the disallowance u/s 14A read with Rule 8D made by the AO of ₹ 12,28,308/-. 2. The only issue raised by the assessee in this appeal relates to the disallowance of expenditure u/s 14A r.w. Rule 8D2(iii) of the IT Rules, 1962. Narrating the facts of the case, Ld Counsel for the assessee mentioned that the assessee earned exempt income amounting to ₹ 1,32,433/-. He submitted that the Assessing Officer quantified the disallowance .....

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urt in the case of Joint Investments Pvt Ltd vs. CIT (372 ITR 694); (ii) decisions of the ITAT, Delhi in the case of Indus Valley Investments & Finance P Ltd vs. DCIT in ITA No.3763/Del/2013, dated 29.4.2015 and in the case of DCM Ltd vs. DCIT in ITA No.4467/Del/2012, dated 1.9.2015; (iii) decision of the ITAT Chandigarh Bench in the case of Aarti Steel Ltd vs. DCIT in ITA No.268/Chd/2015, dated 30.11.2015; (iv) decision of the ITAT, Mumbai Bench in the case of Daga Global Chemicals P Ltd vs .....

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