2019 (4) TMI 1292

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....f the CIT(A). 2. Briefly stated, the facts relevant for disposal of this appeal are as under:- 2.1 The assessee, a company engaged in real estate development, filed its return of income for Assessment Year 2013-14 on 26.11.2013 declaring loss of Rs. 1,18,65,960/-. The case was taken up for scrutiny and the assessment was concluded under section 143(3) r.w.s. 92CA of the Income Tax Act, 1961 (in short 'the Act'), wherein the assessee's loss was determined at (-)Rs.69,46,460/-; in view of disallowance u/s 14A of the Act r.w.r. 8D(2)(ii) of Rs. 44,60,800/- and u/Rule 8D(2)(iii) of Rs. 4,58,705/- made by the Assessing Officer (AO). The assessee's appeal was partly allowed by the CIT(A)-4, Bengaluru in the impugned order dated 21.11.2017; ....

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....rayed that the order of the CIT (A) in so far as it relates to the above grounds may be reversed and that of the Assessing Officer may be restored. 5. The appellant craves leave to add, alter, amend and / or delete any of the grounds that may be urged. 3.2 We have heard and considered the rival contentions and perused the material on record and the judicial pronouncements cited in this regard. In the case on hand, admittedly the assessee earned exempt dividend income of Rs. 3,08,226/- in the year under consideration. In the order of assessment, the AO made disallowance of Rs. 49,19,505/- under section 14A r.w.r. 8D (viz., Rs. 44,60,800/- u/Rule 8D(2)(ii) plus Rs. 4,58,705/- u/Rule 8D(2)(iii)). On appeal, the CIT(A) restricted / upheld....