2014 (6) TMI 570

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.... Gupta, CA. ORDER Per G. D. Agrawal, 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 depreciati....

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....n law, the ld.CIT(A) has erred in deleting addition 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 ....

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....any and partly in the companies other than Indian company. 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 CI....

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....in the balance sheet of the assessee, on the first day and the last day of the previous year." 8. From the above, it is evident that for the purpose of this clause, only the assets, income from which does not or shall not form part of total income, is to be considered. Therefore, the investment in the shares in the company whose dividend income is taxable cannot be considered as investment for ....