TaxTMI 
TaxTMI 
2016 (1) TMI 636
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....ting that the Tribunal while disposing off the appeal inadvertently omitted to decide the alternative ground raised by the assessee in respect of the disallowance made under section 14A read with Rule 8D of the Income Tax Rules. 2. On a perusal of the order of this Tribunal in ITA No.57/Mds/2015 dated 29.05.2015, we find that the Tribunal disposed off ground no.4 and 5 of the grounds of appeal relating to disallowance under section 14A of the Act sustaining the disallowance made by the assessee and confirmed by the Commissioner of Income Tax (Appeals). However, we find that the alternative ground raised by the assessee i.e. ground no.7 of grounds of appeal was not adjudicated. 3. The alternative ground raised by the assessee in its ground....
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....,23,755/-. In support of his contentions, counsel places reliance on the decision of Mumbai Bench of the Tribunal in the case of M/s. Daga Global Chemicals Pvt.Ltd. in ITA No.5592/Mum/2012 dated 01.01.2015 and the decision of the Delhi High Court in the case of Joint Investments Pvt. Ltd. Vs. CIT in ITA No.117 of 2015 dated 25.02.2015. Copies of the orders are placed on record. 5. Departmental Representative supports the orders of lower authorities. 6. Heard both the parties. On a perusal of the order of Mumbai Bench of the Tribunal in the case of M/s. Daga Global Chemicals Pvt. Ltd. (supra), we find that an identical issue has been decided by the Tribunal holding that disallowance under section 14A read with rule 8D cannot exceed the exe....
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....ses which are related to exempt income in its profit & loss account and disallowed Rs. 14,58,412/-. On appeal, before the ld. Commissioner of Income tax (Appeals) broadly the stand taken in the assessment order was affirmed against which the assessee is in further appeal before this Tribunal. The totality of facts clearly indicates, as claimed by the assessee that no borrowed funds were utilized for earning the exempt income by the assessee and further the dividend were directly credited in the bank account of the assessee and no expenditure was claimed. What it may be, we find that the assessee only received Rs. 1,82,362/- as dividend income, therefore, there is no question of disallowance of Rs. 14,58.412/- by invoking section 14A r.w. Ru....