TMI Blog2016 (10) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Rule 8D. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri A.K. Kardam ORDER Per B.R. Baskaran (AM) :- The appeal filed by the assessee is directed 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 ₹ 1.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e effect that the dividend income cannot be considered as exempted income, since the same has suffered taxation in the hands 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration therefore, the disallowance of administrative expenses has to be computed as per the formula provided in Rule 8D. However, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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