2017 (11) TMI 1671

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....i Rajat Mittal O R D E R PER RAJESH 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 Rule....

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....parties and perused the material placed before us including 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 ....

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.... Rs. 1,21,57,53,656 Less: Investments generating taxable Income Schedule(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   &....

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....I Prudential Fixed Maturity Plan - Series 51 - 1 year Plan A - Cumulative 3,50,00,000   - Total Investment in Mutual Fund (Growth Plans) -(B) 7,81,15,229 10,65,26,627 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....