2017 (11) TMI 1625

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....t Year [AY] 201314 assails the order of the Ld. Commissioner of Income-Tax (Appeals)16 [CIT(A)], Mumbai, Appeal No.CIT(A)-16/IT-665/ACIT 9(3)(2)/2015-16 dated 17/06/2016. The assessment for impugned AY was framed by Ld. Assistant Commissioner of Income Tax, Central Circle 9(3)(2) u/s 143(3) of the Income Tax Act, 1961 on 29/02/2016. The solitary issue involved in the appeal is disallowance u/s 14A....

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..../s 14A against the same. The assessee contested the same on various grounds. However, not convinced, Ld. AO, applying Rule 8D, computed the same at Rs. 29,65,268/- which comprised of interest disallowance as per Rule 8D(2)(ii) for Rs. 26,77,816/- and expenses disallowance u/r 8D(2)(iii) @0.5% of average investment, which came to Rs. 2,87,452/-. 3. Aggrieved, the assessee contested the same with....