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2019 (3) TMI 286

Rule 8D(2)(iii). Accordingly, all these appeals are partly allowed for statistical purposes in view of the above directions. See ACIT vs. Vireet Investments [2017 (6) TMI 1124 - ITAT DELHI] - ITA No. 922/Mum/2018, ITA No. 923/Mum/2018, ITA No. 924/Mum/2018, ITA No. 926/Mum/2018 - Dated:- 1-3-2019 - Sri Mahavir Singh, JM And Sri G Manjunatha, AM For the Appellant : Shri Apurva R. Shah, AR For the Respondent : Shri Vijay Kumar Jaiswal, DR ORDER PER MAHAVIR SINGH, JM: These appeals filed by the three different assessee are arising out of the different orders of Commissioner of Income Tax (Appeals)-2, Mumbai [in short CIT(A)], vide appeal No. CIT(A)-2/IT/175,178,179,180/2016-17 even dated 19.12.2017. The Assessments were framed by the Asst. Com .....

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s. CIT [2018] 402 ITR 640 (SC), hence, he stated that the assessee do not want to prosecute this ground No. 2. The learned Sr. Departmental Representative has not objected to the same, hence, the same is dismissed as not pressed. 5. Coming to the first ground, the brief facts are that the assessee has earned dividend income of ₹ 4,95,300/- during the year from investment made in the past, out of own funds. The assessee claimed this dividend income as exempt under section 10(34) of the Act. The assessee offered direct expenses under Rule 8D(2)(i) i.e. demat charges and further estimated the disallowance out of the administrative expenses under Rule 8D(2)(iii) at ₹ 3023/-. But according to the AO, the assessee has incurred expense .....

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uring the year. Therefore, respectfully following the said decision, we direct the Assessing Officer to compute the disallowance under Rule 8D(2)(iii) by considering only those investments which yielded exempt income during the year and recompute the income accordingly. Needless to say that the Assessing Officer shall give adequate opportunity of being heard to the assessee. Since we followed the order of the Special Bench Tribunal and held that the only the investments yielding dividend income should be considered for disallowance under Rule 8D(2)(iii) the other contentions raised by the assessee need not gone into as they are not relevant as submitted by Ld. A.R. When a query was put to the learned Sr. Departmental Representative, he simp .....

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