2011 (8) TMI 1278

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....JM This appeal by the assessee is directed against the order dated 22.4.2010 of the CIT(A) for the Assessment Year 2007-08. 2 The only issue arises for our consideration and adjudication in this appeal whether in the facts and circumstances of the case the CIT(A) is justified in confirming the disallowance made by the Assessing Officer of Rs. 10,75,221/- u/s 14A of the I T Act by applying Ru....

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....t applicable for the Assessment Year under consideration and therefore, the disallowance made u/s 14A by applying Rule 8D is not sustainable. The ld AR of the assessee has further submitted that when the assessee has clearly brought out the actual expenditure incurred for earning of tax free income then the application of sec. 14A is ruled out. She has relied upon the decision of the Tribunal in t....