2013 (2) TMI 739

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....ppellant A.K. Gupta, FCA, for the Respondent ORDER Per Pramod Kumar: 1. By way of this appeal, the Assessing Officer has called into question correctness of learned Commissioner of Income Tax (Appeals)'s order dated 13th December, 2011, in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2008-09 on the following grounds :- "That on t....

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....ee has earned tax free dividend income and long term capital gains, and, accordingly, proceeded to compute disallowance u/s. 14A read with Rule 6D(iii) in respect of expenditure incurred on such tax exempt income. Out of total general expenditure of Rs. 1,16,94,912/-, the Assessing Officer excluded Rs. 19,96,228/- being expenses related to house property income, interest expenditure of Rs. 71,42,6....

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....ion of 14A disallowance. Learned CIT(Appeals) upheld this contention and observed as follows :- "8. The assessee has submitted during the appellate proceedings that the amount of Rs. 57,14,450/- is exclusively on building maintenance and service expenses. These are directly related to receipt of rent from the let out property. The Assessing Officer has erroneously taken this amount in the gener....