2019 (4) TMI 688

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....ORDER PER SUSHMA CHOWLA, JM: Both the appeals filed by assessee are against consolidated order of CIT(A)-2, Kolhapur, dated 05.02.2018 relating to assessment years 2013-14 and 2014-15 against respective orders passed under section 143(3) of the Income-tax Act, 1961 (in short 'the Act'). 2. Both the appeals relating to the same assessee on similar issue were heard together and are being di....

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.... him that the disallowance u/s 14A cannot exceed the exempt income itself which has been accepted. The notional disallowance applying Rule 8D cannot exceed the amount of exempt income which is a settled law. It be held accordingly. 4. The issue raised is against disallowance made under section 14A of the Act. The assessee has raised two grounds of appeal. Vide ground of appeal No.1, it has chal....

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....ssue raised in the present appeal is squarely covered by the judgment of the Hon'ble High Court of Delhi in DCIT Vs. Joint Investment Pvt. Ltd. (2015) 372 ITR 694 (Del). 8. Applying the said ratio to the facts of the present case, we direct the Assessing Officer to restrict disallowance under section 14A of the Act to the extent of exempt income only. The ground of appeal No.2 raised by the ass....