2019 (3) TMI 1032

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.... Ld.DR ORDER PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year [in short referred to as 'AY'] 2012-13 contest the order of Ld. Commissioner of Income-Tax (Appeals)-17, Mumbai, [in short referred to as 'CIT(A)'], Appeal No. CIT(A)-17/IT-90/15-16 dated 19/06/2017 on following grounds of appeal: - "The Commissioner of Income-tax (Appeal....

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....A considered by them in the computation of total income ought not to have been considered by the Assessing Officer/ CIT(A) per law and facts of the case." 2.1 The assessment for impugned AY was framed by Ld. Assistant Commissioner of Income Tax-10(3)(2), Mumbai [AO] u/s. 143(3) on 03/03/2015 wherein the income of the assessee was determined at Rs. 351.84 Lacs after disallowance u/s 14A for Rs. ....

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....14.82 Lacs, which was added to the income of the assessee. The Ld. first appellate authority deleted the interest disallowance of Rs. 9.30 Lacs by observing that own funds in the shape of Share Capital & Reserves far exceeded the investments made by the assessee. However, the expense disallowance of Rs. 8.52 Lacs was confirmed, against which the assessee is in further appeal before us. 3. The L....