2013 (6) TMI 761

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....AIYA, AM: This appeal by the assessee is directed against the order of the Ld. CIT(A)-41, Mumbai dt.25.11.2010 pertaining to A.Y. 2008-09. 2. The only grievance of the assessee is that the Ld. CIT(A) has erred in directing the AO to recompute the disallowance u/s. 14A without realizing that no expenditure whatsoever was incurred by the assessee and claimed as deduction while computing the to....

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.... any expenditure for earning the exempt income. The AO has made an adhoc disallowance of 20% which is excessive. 6. The Ld. Departmental Representative relied upon the findings of the AO. 7. We have considered the rival submissions and perused the orders of the lower authorities. We find that the direct expense in the form of Demat charges and STT on shares and also bank charges are debited ....