2013 (12) TMI 1579

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....rumai, DR ORDER PER D. KARUNAKARA RAO, AM: This appeal filed by the assessee on 19.11.2010 is against the order of CIT (A)-20, Mumbai dated 20.9.2010 for the assessment year 2007-08. 2. In this appeal, assessee raised the following grounds which read as under: "1. The CIT (A) erred in confirming the disallowance u/s 14A of Rs. 2,28,944/- made by the AO and not granting relief ....

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.... of the total income under this Act. 5. The CIT (A) erred in concluding that the appellant failed to meet its onus to establish expenses disallowed by the AO, since there was no disallowance of expenses rather it was ½% of average value of investment that was disallowed by the learned officer. 6. The CIT (A) erred in relying to the judgment of Hon'ble Supreme Court in the ....

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....tion. 4. On the other hand, Ld DR relied on the orders of the Revenue Authorities. 5. We heard both the parties and perused the orders of the Revenue. It is a fact that the relevant assessment year is 2007-08 under consideration is outside the scope of provisions of Rule 8D. The said provisions cannot be treated as applicable to the A.Y.2007-08 under consideration indirectly when the same is....

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....ndent-assessee on the basis its order dated 27.2.2009 for the assessment year 2002-2003 and order dated 10.9.2009 for the Assessment Years 2003-2004 and 2004-2005 wherein disallowance was restricted to 2% of the exempt income. Further; the Tribunal has remanded the matter to the AO to verify the disallowance claimed and restrict the disallowance only to the extent to 2% of the total exempt income.....