2018 (5) TMI 1869

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....li Mohan Rao ORDER Per Smt. P. Madhavi Devi, J.M. This is the appeal filed by the Revenue for the A.Y 2011-12 against the order of the CIT (A)-1, Guntur, dated 11.05.2017. The only issue in this appeal is against the order of the CIT (A) in restricting the disallowance u/s 14A of the Act to the extent of exempt income earned during the year which according to the Revenue is contrary to Board ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e disallowance under Rule 8D at Rs. 4,42,90,857 and brought it to tax. Aggrieved, the assessee preferred an appeal before the CIT (A) who restricted the disallowance to the exempt income earned by the assessee and for coming to this conclusion, he followed the decisions of various Benches of ITAT and also the Hon'ble High Court of Delhi in the case of ACB India Ltd vs. Asstt. CIT reported in (....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITA No.846/Hyd/2016, dated 28.02.2017. iv) Hon'ble High Court of Punjab & Haryana in the case of Pr. CIT vs. Empire Package (P) Ltd reported in (2017) 81 Taxmann.com 108 (P&H H.C) dated 12th January, 2016. 4. Having regard to the rival contentions and the material on record, we find that this issue is covered in favour of the assessee by the decision of the Hon'ble Delhi High Court (S....