2014 (11) TMI 1149

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....IYA, AM: This appeal by the assessee is directed against the order of the Ld. CIT(A)-12, Mumbai dt.6.11.2012 pertaining to A.Y.2009-10. 2. The sole grievance of the assessee is that the Ld. CIT(A) erred in confirming the disallowance of interest and other administrative expenditure u/s. 14A to the tune of Rs. 29,65,022/-. 3. The assessee is in the business of promoting, mobilizing & managing c....

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....expenditure for the purpose of earning exempt income. It was pointed out that the assessee has already disallowed Rs. 27 lakhs, therefore, no further disallowance is to be made. 3.2. The submission made by the assessee did not favour with the AO who proceeded to compute the disallowance u/s. 14A r.w. Rule 8D and computed the disallowance of Rs. 56,65,022/-, deducting the disallowance made by the ....

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....oto disallowances made by the assessee should be considered while computing the disallowance. 6. Per contra, the Ld. Departmental Representative supported the findings of the Revenue authorities. 7. We have carefully perused the orders of the authorities below and the relevant documentary evidences brought on record and brought to our notice. There is no denial that assessee's own funds are much....