TaxTMI 
TaxTMI 
2012 (3) TMI 509
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....al is with reference to disallowance u/s. 14A. 2. The Assessing Officer noticed that assessee had made certain investments and accordingly invoking Rule 8D made disallowance u/s. 14A of the I.T. Act at Rs. 6,36,513/-. The Ld. CIT(A) confirmed the same by stating as under: "I have considered the issue. Hon'ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. Vs DCIT held that though....
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....isallowance made of Rs. 6,36,513/-." 3. It was the submission of the Ld. Counsel that the company did not incur much expenditure while offering the income and filed Profit & Loss account to submit that except donation of Rs. 10,00,000/- and professional fees of Rs. 2,89,575/- the balance of expenditure is very small as under: Expenditure Current year Rupees Bank charges 55,183/- Filing fees....
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....order of AO and Ld. CIT(A). 6. We have considered the issue. As seen from the details of the P&L account filed by assessee receipts were to the tune of Rs. 1.79 crores whereas the expenditure was only Rs. 13.69 lakhs, out of which Rs. 10 lakhs was donation. Out of the balance expenditure, the professional fees were to comply with certification charges and ROC matters and only an amount of Rs. 2.7....