TMI Blog2017 (11) TMI 1954X X X X Extracts X X X X X X X X Extracts X X X X ..... on with exempt dividend income would relate only to the previous year when the income was earned. In our opinion, there is no room for doubt that disallowance u/s. 14A of the Act cannot exceed income claimed as exempt by an assessee. We therefore restrict the disallowance u/s.14A - Appeal of the assessee is treated as partly allowed. - I.T.A. No.892/Mds/2017 - - - Dated:- 27-11-2017 - SHRI N.R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that of Hon ble Jurisdictional High Court in the case of Regindton (India) Ltd vs. JCIT (2016) 97 CCH 219. Ld. Counsel also stated that if the disallowance was curtailed to ₹ 1,41,447/- other grounds raised could be considered as not argued. 3. Per contra, ld. Departmental Representative submitted that irrespective of the quantum of exempt income claimed, ld. Assessing Officer could make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s derived after examination of the accounts and rejection if any of the assessee s claim or explanation. The second aspect is there appears to have been no scrutiny of the accounts by the AO - an aspect which is completely unnoticed by the CIT (A) and the ITAT. The third, and in the opinion of this court, important anomaly which we cannot be unmindful is that whereas the entire tax exempt income i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
