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TMI Blog2018 (9) TMI 1991X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Guru Bashyam, JCIT Respondents by: Ms. K. Hemalatha, CA ORDER N.R.S. Ganesan, Both the appeals of the Revenue are directed against the respective orders of the Commissioner of Income Tax (Appeals) -3, Chennai, in respect of two independent assessees. Since common issue arises for consideration in both the appeals, we heard both the appeals together and disposing of the same by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rules, 1962 does not say that the disallowance has to be restricted to earning of exempted income. According to the Ld. D.R., irrespective of the fact whether the assessee earned dividend income or not, the disallowance has to be computed as provided in Rule 8D(2). Section 14A of the Income-tax Act, 1961 (in short 'the Act') read with Rule 8D(2) does not in anywhere say that it is a pre-co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... restricted the disallowance to the exempted income. 4. We have considered the rival submissions on either side and perused the relevant material available on record. The CIT(Appeals) by placing reliance on the order of this Tribunal in M/s Royala Corporation (supra) directed the Assessing Officer to restrict the disallowance to the extent of exempted / dividend income earned by the assessee. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. 6. Now coming to I.T.A. No.594/Chny/2018 in the case of PVP Global Ventures Pvt. Ltd. 7. In this case, admittedly, the assessee has not earned any exempted income. Therefore, the judgments of Madras High Court in Redington (India) Ltd. (supra) and Chettinad Logi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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