2010 (10) TMI 654

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he revenue has called into question correctness of CIT(A)'s order dated 11th March, 2005, in the matter of assessment under section 143(3) for Assessment Year 2001-02 on the following ground:-   "On the facts of the case and in law, the CIT (A) has erred in disapproving the action of the AO in disallowing expenses relatable to earn exempt income under section 14A of the I.T. Act without ap....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... purpose of earning dividend income. However, he partly agreed with the stand taken by the Assessing officer for disallowance of expenditure incurred in relation to exempted income under section 14A and restricted the disallowance to Rs.25,000/- on a reasonable basis. Aggrieved, the revenue is in appeal before us.   4. In view of Hon'ble Bombay High Court in the case of Godrej and Boyce Li....