2019 (2) TMI 1069

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....run Kumar Singh - Ld.DR ORDER Per Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year [AY] 2013-14 contest the order of Ld. Commissioner of Income-Tax (Appeals)-48, Mumbai, [CIT(A)], Appeal No. CIT(A)-48/I.T-12/DCCC-2(3)/2016-17 dated 29/08/2017 qua confirmation of disallowance u/s 14A. 2.1 Facts in brief are that the assessee being resident ind....

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....d as 0.5% of average investments of Rs. 17.90 Crores. Accordingly, the same was added to the income of the assessee. 3. Aggrieved, the assessee agitated the same without any success before Ld. CIT(A) vide impugned order dated 29/08/2017 wherein the assessee drew attention to the erroneous calculations made by Ld. AO in view of the fact that certain loans / deposits were considered as investment....

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....wance against those investments which have actually yielded exempt income during impugned AY work out to Rs. 0.85 Lacs which was far less than suo-moto disallowance offered by the assessee. Per Contra, Ld. DR, Ch. Arun Kumar Singh, supported the stand of first appellate authority. 5. We have carefully heard the rival submissions and perused relevant material on record including documents placed....