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TMI Blog2017 (11) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... vide order dated 12-03-2013 & 12-02-2014 under section 143(3) of the Income Tax Act, 1961(hereinafter 'the Act'). 2. The first common issue in this appeal of the assessee is as regards to the order of CIT(A) confirming the disallowance of expenses relatable to exempt income by invoking the provisions of section 14A of the Act read with rule 8D of the rules, 1962 (hereinafter the Rules). In both the years, the CIT(A) has confirming the disallowance made by AO of Rs. 7,76,186/- in AY 2010-11 and a sum of Rs. 6,73,665/- in AY 2011-12. The facts and circumstances are exactly identical and even the investments are the same in both the years and no new investment has been introduced. Accordingly, we will take the facts from AY 2010-11 and will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,739/- and he has disallowed a sum of Rs. 2,26,259/- under section 14A of the Act read with Rule 8D of the Rules. Hence, he disallowed under Rule 8D of the Rules at Rs. 5,49,927/-. 4. We have heard the rival contentions and gone through the facts and circumstances of the case. Before us, the learned Counsel for the assessee stated that the assessee has kept these investments as stock in trade and earned dividend income and it was also claimed by the assessee that the disallowance is not called off on the shares and securities on which dividend income is earned and held as stock-in-trade. The learned Counsel for the assessee took us through the plea taken before AO and before CIT(A) that the dividend income on share held as stock-in-trade t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y decide the claim. This issue in both the appeals of the assessee is allowed for statistical purposes and remanded the matter back to the file of AO for verification. 5. The next issue in ITA No. 3884/Mum/2016 for AY 2010-11 is as regards to the order of CIT(A) restricting the adhoc disallowances to the extent of 50% of expenses on computer software, conveyance expense and diwali expenses at Rs. 75,000/-. We have heard the rival contentions and gone through the facts and circumstances of the case. We find that the assessee has incurred following expenses: - Sl. No. Particulars Amount (in Rs. ) 1. Computer Software Expenses 1,82,633 2. Conveyance 1,41,270 3. Diwali Expenses 4,27,783 Total 7,51,686 According to AO, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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