2014 (6) TMI 570

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....awal, VP : This appeal by the Revenue is directed against the order of learned CIT(A)-XIII, New Delhi dated 19th July, 2012 for the AY 2008-09. 2. Ground No.1 of the Revenue's appeal reads as under:- "On the facts and circumstances of the case and in law, the ld.CIT(A) has erred in deleting addition of Rs.1,78,588/- made on account of excess depreciation on computer peripherals like UPS, printe....

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....on of Rs.8,72,92,641/- made under Section 14A read with Rule 8D of the Income Tax Rules, 1962." 5. We have heard the arguments of both the sides and perused relevant material placed before us. Learned counsel for the assessee has fairly stated that the Assessing Officer has computed the disallowance under Section 14A as per Rule 8D of the Income Tax Rules. The assessee agrees that the year under ....

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....ompany. That dividend from Indian company only is exempt and, therefore, while computing the average investment in the exempt assets, the investment in the foreign companies has to be excluded. The CIT(A) has accepted the assessee's contention and excluded the investment in the foreign company. He, therefore, submitted that the order of learned CIT(A) is perfectly in order. The same should be uphe....