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Global Capital Ltd. Versus ACIT, Circle-12 (1) , New Delhi.

Disallowance under section 14A computation - total exempt income earned by the present assessee is ₹ 13,35,040 against which an addition of ₹ 21,87,713 has been made by AO u/s 14A - Held that:- As noted in the case of Joint Investment (P) Ltd. vs CIT (2015 (3)155 - DELHI HIGH COURT) the disallowance u/s 14A should not exceed the exempt income. The Tribunal also noted that the Hon’ble Delhi high Court in the case of CIT vs Holcim India Pvt. Ltd. (2014 (9)434 - DELHI HIGH COURT ) held .....

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income was earned. Hence, we direct the Assessing Officer that the disallowance u/s 14A be restricted to ₹ 11,53,752 (Rs. 13,35,040 – ₹ 1,81,388) and the remaining amount of disallowance is directed to be deleted. - Decided partly in favour of assessee. - I.T.A. No. 6586/Del/2013 - Dated:- 27-11-2015 - Chandra Mohan Garg (Judicial Member) And O. P. Kant (Accountant Member) For the Appellant : Manu K. Giri, Adv. For the Respondent : Gaurav Dudeja, Sr. DR ORDER Chandra Mohan Garg (Judi .....

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n of ₹ 21,87,713/- made by the assessing officer u/s 14A of the Income Tax Act, resulting in addition to returned Income to that extent. 2. That the learned Commissioner of Income Tax (Appeals) erred in holding that disallowance under Rule 8D has been correctly worked out in accordance with the provisions of Rule 8D. 3. We have heard the rival submissions and carefully perused the relevant material placed on record. At the very outset, learned counsel of the assessee submitted a copy of th .....

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ards para 4 of the Tribunal order (supra). 4. Learned Departmental Representative strongly supported the orders of the authorities below, however, he fairly accepted that in the similar set of facts and circumstances, the amount of disallowance has been restricted to the exempt income. 5. Firstly, it would be appropriate to reproduce the relevant part of the order of the Tribunal (supra) which has been relied by the learned counsel of the assessee which reads as follows:- 4. We have heard the ri .....

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