2013 (12) TMI 648

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.... Per D. Karunakara Rao, AM:- This appeal filed by the Revenue on 19.7.2011 is against the order of the CIT (A)-35, Mumbai dated 6.5.2011 for the assessment year 2008-2009. 2. In this appeal, Revenue raised the following grounds which read as under: "1. On the facts and in the circumstances of the case and in law, the Ld CIT (A) erred in restricting the disallowance made by the AO under Secti....

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.... the assessment proceedings, AO invoked provisions of section 14A and computed the disallowance of Rs. 2,36,02,861/- by applying Rule-8D of the I T Rules 1962. Aggrieved with the decision of AO, assessee filed an appeal before the first appellate authority and the CIT (A) restricted the disallowance u/s 14A from 2,36,62,861/- to Rs. 8,65,564/-. Revenue is aggrieved with the order of the CIT (A) an....

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....ACIT (ITA Nos. 6818 & 6819/M/2011 (AY:2007-08 & 2008-09)) (iii)M/s. Prescient Securities Pvt. Ltd vs. ACIT (ITA No.5281/M/2011 (AY: 2008-09)) (iv)Ganjam trading Co. Pvt. Ltd vs. DCIT (ITA Nos. 3724/M/2005; 932/M/2006 and 1384/M/07) (v)M/s. Auchtel Products Ltd vs. ACIT (ITA No.3183/M/2011 (AY2003-04)) 5. He also mentioned that the views take strength from the judgment in the case of M/....

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....icable to the case of dividend earned out of the shares held as stock-in-trade as held by the Hon'ble High Court of Karnataka in the case of M/s. CCI Ltd., vs. JCIT (supra). The Hon'ble Kerala High Court judgment in the case of Commissioner of Income-tax Vs Smt. Leena Ramachandran (Ker) (339 ITR 296) was distinguished. However, it is for the assessee to demonstrate that the exempt income earned by....