2016 (10) TMI 1253

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..... ed against the order dated 26.12.2014 passed by learned CIT(A)-6, Mumbai and it relates to A.Y. 2011-12. 2. The solitary issue urged in this appeal relates to disallowance made u/s. 14A of the Act. 3. Learned AR submitted that the Assessing Officer has made disallowance of Rs. 1.09 crores under Rule 8D(2)(iii) of the I.T. Rules as against disallowance of Rs. 16.51 lakhs made by the assessee. Lea .....

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..... nds of company. Accordingly, learned AR submitted that he does not have any objection in setting aside this matter to the file of the AO and further prayed that suitable direction may be issued to the Assessing Officer to consider various contentions of the assessee. 4. On the contrary, learned Departmental Representative submitted that the income earned by the assessee by way of dividend is exem .....

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..... ever, the disallowance worked out under Rule 8D cannot exceed the total expenditure claimed by the assessee which can be apportioned to the exempt income. Thus we set aside this issue to the record of AO for the limited purpose of computing the total expenditure incurred by the assessee for the composite/indivisible activities in which taxable and non-taxable income is received and if the disallow .....

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