2015 (5) TMI 1170

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....inst the order of the Ld. CIT(A)-2, Mumbai dt. 2.1.2013 pertaining to assessment year 2009- 10. 2. The sole grievance of the Revenue is that the Ld. CIT(A) erred in directing the AO to delete the addition of Rs. 13,79,844/- u/s. 14A of the I.T. Act. 3. Briefly stated the facts of the case are that the assessee is in the business of Insurance broking. The return for the year was electronically fi....

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....nce in the light of the provisions of Sec. 14A of the Act r.w. Rule 8D. The disallowance was computed at Rs. 13,79,844/- 4. The assessee carried the matter before the Ld. CIT(A). It was strongly contended before the Ld. CIT(A) that there was no exempt income earned nor there was any investment bearing exempt income and therefore provisions of Sec. 14A are not attracted. After considering the fact....

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....a, the Ld. Counsel for the assessee relied upon the order of the First Appellate Authority. The Ld. Counsel further brought to our notice decision of the Tribunal Mumbai Benches which are placed on record in the form of Paper Book. 8. We have considered the rival submissions and carefully perused the orders of the authorities below and the judicial decisions brought to our notice. In our consider....