TaxTMI 
TaxTMI 
2017 (11) TMI 1671
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.... KUMAR, A. M: This is an appeal filed by the assessee which is directed against the order of the ld.CIT(A)-4, Mumbai, dated 2.12.2015 for the assessment year 2011-12. 2. The sole issue raised by the assessee is against the confirmation of addition of Rs. 46,16,406/- under section 14A of the Income Tax Act, 1961 read with rule 8D of the Income Tax Rules, 1962 by the ld.CIT(A) as made by by the AO....
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....ncluding the orders of authorities below and case law relied upon by the assessee. We find that the issue involved in the current year is whether the investments on which the income is not exempt from tax is to be included or excluded while calculating the disallowance u/s 14A r.w.r.8D. We find that the identical issue (supra) has been decided by the co-ordinate bench of the Tribunal, wherein vide....
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....hedule(1) Rs. 40,60,85,329 Rs. 25,65,26,626 Investment considered for Sec 14A Disallowance Rs. 1,81,90,18,817 Rs. 95,92,27,030 Sch. 1: Investment generating taxable income Particulars 31.03.2010 31.03.2009 In Rs. In Rs. Investment in Taxable Bonds 11.35% IDBI Omni Bonds 2008 Sr. XV 10,00,00,000 10,00,00,000 NCD Tata Capital Limited (12%) 5,0....
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....Total Investments generating Taxable Income - (A) + (B) 40,60,85,329 25,65,26,627 We agree with the contention of Ld. Counsel that, if the investment which are generating taxable income or are capable of earning taxable income, then same should be removed from the working of the average investment under the formula given under Rule 8D(2)(iii), because the said clause itself refers to th....