2019 (4) TMI 1652

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....ent case is an individual who filed her return of income for the year under consideration on 23.09.2013 declaring a total income of Rs. 1,87,68,010/-. In the said return, dividend income of Rs. 2,36,300/- received during the year under consideration was claimed to be exempt by the assessee. No disallowance on account of expenditure incurred in relation to the said exempt income however was offered by the assessee as required by the provisions of section 14A. The AO, therefore, applied Rule 8D to work out the expenditure incurred by the assessee in relation to the exempt income at Rs. 5,35,092/- and made a disallowance to that extent u/s 14A. 4. The disallowance of Rs. 5,35,092/- made by the AO u/s 14A read with Rule 8D was challenged by ....

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....id amount actually claimed by the assessee. The learned DR has contended that these submissions now being specifically made by the learned counsel for the assessee for the first time before the Tribunal require rectification and an opportunity may be given to the AO to verify the same. We find merit in the contention of learned DR and the learned counsel for the assessee has not raised any objection in this regard, we restore this issue to the file of the AO for deciding the same afresh after considering the submissions made on behalf of the assessee before the Tribunal. Ground No. 1 and 2 of the assessee's appeal are accordingly treated as allowed for statistical purpose. 6. The issue raised in Ground No. 3 relates to the disallowance o....

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....purchased on 29.03.1996. He accordingly recomputed the long term capital loss on sale of shares of M/s. Amarjyoti Prop (P) Ltd. at Rs. 1,93,633/- as under: Purchase year Quantity Cost Index cost (2012-13) Date of sale Quantity Value Indexed gain/loss 2001-02 6000 l 0,920 21 840         2001-02 3000 5,460 10920         1992-93 101 1,010 3858         1992-93 1995-96 4899 2550 7449 65,100 33,890 98,990 2,48,722 1,02,755 3,51,477           16550 1,16,380 3,88,095 30-10-12 16550 194462.50 (-)1,93,633 On the basis of t....