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TMI Blog2018 (4) TMI 1797X X X X Extracts X X X X X X X X Extracts X X X X ..... This is an appeal by the Assessee directed against the order of the Final assessment order passed u/s 144C(5) r.w.s. 143(3) of the Income Tax Act, 1961 (The Act) relating to A.Y. 2012-13. 2. The assessee has raised the following grounds of appeal :- "1. That the learned Assessing Officer in course of modifying the assessment for giving effect to the direction of the Dispute Resolution Panel i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case and in law, the order of the Transfer Pricing Officer (hereinafter referred to as "TPO") passed u/s 92 CA(3) of the Income-tax Act, 1961, (hereinafter referred to as the 'Act'), subsequently confirmed in part by the Dispute Resolution Panel (hereinafter referred to as "Panel") and consequently incorporated by the Income Tax Officer (hereinafter referred to as "AO") in the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appea." 4. The ld. Counsel for the assessee Shri R.N.Dutt, Advocate pleaded for admission of additional grounds. The ld. DR opposed the same on the ground that they arise out of an order passed u/s 154 of the Act. 5. After hearing the rival submissions, we find that the additional grounds arise out of a rectification order passed by the AO u/s 154 of the Income Tax Act, 1961 (Act). Though th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority. 7. Now coming to the regular grounds of appeal, we find that the only issue is with respect to the disallowance made u/s 14A r.w.r. 8D of the Act. The dividend income derived by the assessee is Rs. 5,64,333/-. The Hon'ble Delhi High Court in the case of Joint Investment Pvt. Ltd. Vs CIT in ITA No.117 of 2015 dated 25.02.2015 held that the disallowance u/s 14A cannot exceed the amount of ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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