TMI Blog2019 (7) TMI 1693X X X X Extracts X X X X X X X X Extracts X X X X ..... to the amount already disallowed by the assessee under section 14A. - Decided in favour of assessee. - ITA no.3512/Mum./2018, ITA no.3831/Mum./2018, ITA no.3832/Mum./2018, ITA no.3513/Mum./2018, ITA no.3514/Mum./2018 - - - Dated:- 19-7-2019 - SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER For the Revenue : Shri D.G. Pansari For the Assessee : Shri Madhur Agarwal ORDER PER BENCH These appeals in respect of three different assessees consist of two sets of cross appeals and an appeal by the assessee alone challenging three separate orders of even date 12th March 2018, passed by the learned Commissioner (Appeals) 4, Mumbai, for the assessment year 2013 14. 2. Since all these appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find merit in the submissions of the assessee and proceeded to compute disallowance under rule 8D(2) at ₹ 3,57,95,064. After adjusting the disallowance already made by the assessee, the Assessing Officer added back an amount of ₹ 3,55,92,376. Being aggrieved with the disallowance made by the Assessing Officer, the assessee preferred appeal before the first appellate authority. 5. The learned Commissioner (Appeals), after considering the submissions of the assessee, granted partial relief to the assessee by restricting the disallowance to ₹ 5,34,326. 6. Shri Madhur Agarwal, learned Counsel for the assessee submitted, the total expenditure debited to the Profit Loss account for the year under consideration is ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer. 8. We have considered rival submissions and perused the material on record. Though there is no dispute that during the year under consideration, the assessee had earned both taxable as well as exempt income, however, fact remains, the total expenditure claimed by the assessee in respect of all sources income earned during the year is ₹ 6.71 lakh. Even out of the said amount, the assessee has further disallowed ₹ 2,02,688, under section 14A, towards earning of exempt income. The aforesaid disallowance was made by the assessee on proportionate basis keeping in view the quantum of taxable income and exempt income earned during the year. It is also evident, assessee had been following the aforesaid methodo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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