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2019 (6) TMI 605

Commissioner of Income Tax vs. State Bank of Patiala [2017 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT] wherein it was held that the amount of disallowance u/s. 14A cannot exceed exempt income and this decision was confirmed by Hon’ble Supreme Court [2018 (11) TMI 1565 - SC ORDER] In the light of the above legal positions, we uphold the order of the ld. CIT(A). Accordingly, the appeal filed by the Revenue is dismissed. - I.T.A. No.1805/CHNY/2017 - 10-6-2019 - Shri George Mathan, Judicial Member And Shri Inturi Rama Rao, Accountant Member For the Appellant : Shri. AR.V. Sreenivasan, IRS, JCIT. For the Respondent : Shri. Arjun Raj. N. CA for Shri. S. Sridhar, Advocate ORDER PER INTURI RAMA RAO, ACCOUNTANT MEMBER: This is an appeal filed .....

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come Tax Act or Rule has not provided such exclusion. 2.5 The learned CIT(A) ought to have seen that the strategic investments in sister concerns will also fetch income exempted from tax which is liable for disallowance u/s 14A applying Rule 8D. 2.6 The learned CIT(A) ought to have considered the fact that the assessee company is systematically making investments every year which requires huge administrative and financial expenditures and CIT(a) has not considered the fact that the assessee company has made fresh investments in Mutual Funds to the tune of ₹ 11,05,95,983/- and in the shares to the tune of ₹ 3,20,72,670;- during the financial year relevant to AY 2012-13. 2.7 The learned CIT(A) ought to have considered the CBDT' .....

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ed before the ld. Commissioner of Income Tax (Appeals) who vide impugned order directed the Assessing Officer to restrict the amount of disallowance u/s.14A of the Act to the extent of actual dividend income earned of ₹ 1,14,134/-. Thus, the appeal of the assessee came to be partly allowed. 6. Being aggrieved by the order of the Commissioner of Income Tax (Appeals), the Revenue is in appeal before us challenging the correctness of the order of the ld. Commissioner of Income Tax (Appeals). The Sr. Departmental Representative submitted that once there is an exempt income, provisions of Section 14A of the Act has to be invoked and the amount of disallowance has to be calculated in accordance with Rule 8D. In this connection, he placed re .....

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