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TMI Blog2018 (6) TMI 1627X X X X Extracts X X X X X X X X Extracts X X X X ..... : Dr. Sandeep Goel, Addl.CIT(DR)(ITAT), Bengaluru. ORDER Per N.V. Vasudevan, Judicial Member This appeal by the assessee is against the order dated 30.05.2017 of the CIT(Appeals)-7, Bengaluru relating to assessment year 2013-14. 2. The only issue that arises for consideration in this appeal is with regard to the disallowance of expenses incurred in earning exempt income in terms of section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; Rs. 75,57,69,497 Accordingly, the amount of disallowance is worked to Rs. 37,78,847 (0.5% of Avg Investment i.e. Rs. 75,57,69,497). Since the assessee on its own disallowed Rs. 84,753 in computation of total income, the remaining amount of Rs. 36,94,094 is added back to the total income of the assessee." 5. Before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wance u/s. 14A cannot exceed the exempt income earned by the assessee by relying on the CBDT Circular dated 11.02.2014. Accordingly, the disallowance made by the AO was confirmed by the CIT(Appeals). 7. Aggrieved by the order of CIT(Appeals), the assessee has preferred the present appeal before the Tribunal. 8. We have heard the rival submissions. The Hon'ble Delhi High Court in the case of Jo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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