TMI Blog2018 (7) TMI 2141X X X X Extracts X X X X X X X X Extracts X X X X ..... 09-10 2011-12 has been remitted back to the file of Ld. AO for re-adjudication in terms of ratio of Tribunal s decision for AY 2008-09. Upon due consideration of factual matrix, we see no reasons to interfere with the order of Ld. first appellate authority. - Decided against revenue. - I.T.A. No.1094/Mum/2017, I.T.A. No.1159/Mum/2017 - - - Dated:- 25-7-2018 - SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM For the Revenue : Ram Tiwari,Ld.DR For the Assessee : Madhur Agarwal, Ld.AR ORDER Per Bench 1. Aforesaid appeals by revenue for Assessment Year [AY] 2012-13 contest separate orders of Ld. first appellate authority. Since common issues are involved and facts are identical, we dispose-off the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after certain additions / disallowances as against normal returned income of ₹ 379.61 Lacs e-filed by the assessee on 28/09/2012. The income offered u/s 115JB was ₹ 893.35 Lacs. As evident from the grounds of appeal, the only subject matter of the appeal is disallowance u/s14A. During the impugned AY, the assessee being resident corporate assessee was engaged in the business of investment and registered with RBI as Non Banking Finance Company [NBFC]. 3. During Assessment proceedings, it was noted that the assessee earned exempt income of ₹ 22.88 crores in the shape of dividend and Long Term Capital Gains which called for disallowance u/s 14A. Against the same, the assessee had made suo-moto disallowance of ₹ 6.99 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8D(2)(iii) of ₹ 3,74,03,615/- and disallowed an amount of ₹ 3,67,15,098/-, after giving relief of ₹ 6,99,550/- u/s 14A for which the details and the basis of working has been submitted before the AO. Further, the Hon ble ITAT D Bench in the appellant s own case for earlier years, has held that the expenditure worked out by the appellant is reasonable to make disallowance u/s 14A red with Rule 8D. Since no further appeal was filed by the Department against the ITAT decision the finding of the ITAT may be accepted. It was further submitted that disallowance under Rule 8D read with Rule 14A (2) cannot exceed the total expenses claimed by the appellant. 7.1 I have carefully considered the rival submissions and facts of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Similarly aggrieved, the revenue is in appeal with similar grounds against the order of Ld. Commissioner of Income-Tax (Appeals)-03 [CIT(A)], Mumbai, Appeal No.CIT(A)-3/ACIT-2(1)(1)/IT-05/2016-17 dated 09/11/2016. 9. In this year, the captioned assessee has suffered net disallowance of ₹ 375.45 Lacs after adjustment of suo-moto disallowance of ₹ 4.75 Lacs as made by the assessee. Upon further appeal, the Ld. CIT(A) has restricted the same to ₹ 6.46 Lacs on similar reasoning and by placing reliance on the stand of this Tribunal for earlier years. 10. Facts being identical, taking the same stand, we confirm the action of Ld. CIT(A). 11. The revenue s appeal stand dismissed. Order pronounced in the open cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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