9911796707
TMI Blog2016 (11) TMI 1634X X X X Extracts X X X X X X X X Extracts X X X X ..... Grounds of appeal :- "1. On the facts and in the circumstances of the case, the learned Commissioner of Income tax (Appeals) 4, Mumbai, erred in confirming the order of the Assessing Officer in respect of disallowance of expenses amounting to Rs. 1,31,209/- under section 14A r.w. Rule 8D of the Income tax Rules, 1962, particularly when the appellant has not incurred any expenses for earning exempted income and investment of Rs. 2,85,73,491/- is out of its own capital and free reserves of Rs. 8,37,07,557/-. 2. On the facts and in the circumstances of the case, the learned Commissioner of Income tax (Appeals) 4, Mumbai, erred in confirming the order of the Assessing Officer in respect of Shiv Sagar property amounting to Rs. 33,63,676/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee and noted that the Assessing Officer had correctly recorded his satisfaction about the incorrectness of the claim of assessee of not having incurred any expenditure in relation to the exempt income and, therefore, upheld the disallowance u/s 14A of the Act computed in terms of Rule 8D(2)(iii) of the Rules. 4. Before us also, the only plea of assessee is that the assessee has not incurred any expenditure in earning of the exempt income and, therefore, the disallowance is not justified. In our considered opinion, the Assessing Officer was justified in making the impugned disallowance because he was not satisfied, having regard to the accounts of the assessee, that no expenditure was incurred in relation to earning of the exempt i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question of law as would be decided in the earlier year, thereby obviating the necessity for assessee to file appeal to the Hon'ble Bombay High Court in this year. To the aforesaid plea of assessee, there is no objection raised by the ld. DR. 7. In view of the aforesaid, insofar as the issue of assessability of rental income of Rs. 33,63,677/- relating to Shiv Sagar property is concerned, same is directed to be assessed in the hands of the assessee as held by the income-tax authorities following the order of Tribunal dated 24.2.2012 (supra) in the case of assessee. Simultaneously, the Assessing Officer is directed to apply the final decision on the question of law, which is pending before the Hon'ble Bombay High Court in the earl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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