2015 (7) TMI 1364

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.....  The assessee has filed this appeal challenging the order dated 3.5.2012 passed by Ld CIT(A)-9, Mumbai for assessment year 2005-06, wherein he has confirmed the disallowance of Rs. 50,000/- made under section 14A of the Income Tax Act, 1961 (the Act) 2. The assessee is carrying on the business of international freight forwarding. During the course of assessment proceedings, the AO noticed .....

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..... f exempt income worked out to Rs. 76,462/-. However, since the AO had made disallowance of Rs. 50,000/- only in the original assessment proceedings, the AO made disallowance of Rs. 50,000/- only in the set aside proceedings also. The same was confirmed by the ld. CIT(A) and hence, the assessee has filed this appeal before us. 3. Shri Atul M Deshpande, an employee of the assessee appeared before u .....

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..... at the assessee has made fresh investments in 9 schemes of mutual funds during the year under consideration and it has closed investments made in six schemes, which were standing at the beginning of the year. The assessee has also received dividend income to the tune of Rs. 15.29 lakhs. Thus we notice that the assessee has indulged in quite number of transactions during the year and hence, we see .....

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