2014 (1) TMI 1183

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....Per B.R.Mittal, JM: The assessee has filed this appeal for the assessment year 2008-09 against the order of ld. CIT(A) dated 11.8.2011 vide which ld. CIT(A) has confirmed the disallowance u/s 14A of the Income Tax Act, 1961 (the Act) made by AO of Rs.13,73,731/-. 2. We have heard the ld. Representatives of the parties and have perused the orders of authorities below. 3. The assessee is a ....

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....sessee on its own made disallowance of Rs.7,21,927/- u/s 14A of the Act out of expenses of Rs.13,73,731/- debited by assessee in its profit and loss account. The AO applied Rule 8D of the Income Tax Rules, 1962 (the Rules) to make disallowance u/s 14A of the Act and worked out the disallowance at Rs.1,56,03,383/-. There is no dispute that there is no interest expense debited by assessee in its pro....

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.... expenses, but the ld. CIT(A) has stated that the other income of the assessee relates to merely bank interest, therefore entire expenditure could be said to have been incurred for earning dividend income only. 4. During the course of hearing before us, ld. AR referred the statement of facts which was filed before the ld. CIT(A) and copy placed along with Form No.35 giving details of the expend....