2019 (6) TMI 785

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.... the Respondent : Sh. S. L. Anuragi, Sr. DR ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the order dated 15.05.2018 of the CIT(A)-34, New Delhi relating to A. Y. 2015-16. 2. The only effective ground raised by the assessee reads as under :- "1. The learned CIT(A) erred in law and on facts in confirming an addition of Rs. 1,35,696/- u/s. 14 A ....

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....hares, which stood at Rs. 3,18,47,955/- as at the beginning of the year and at Rs. 3,51,42,432/- as at the end of the year. However, the assessee has disallowed Rs. 31,780/- as expenses which have been incurred to carry out the activity of investments and earning of exempt income. He, therefore, asked the assesee to explain as to why disallowance u/s. 14A r/w Rule 8D should not be made. 4. Reje....

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....d an amount ofRs. 31,780/- towards administrative expenses which is in consonance with preceedings years disallowance, therefore, no further disallowance is called for. 8. He relied upon the following decisions :- 1. Resurgere Mines & Minerals India Ltd. Vs. Additional CIT vide ITA No.6601/Del/2014 2. PCIT Vs. Sintex Industries Ltd. 2018 TIOL-104-SC-IT 3. PCIT Vs. Sin....

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....4A rule 8D which has been confirmed by the CIT(A). I find the Assessing Officer while making the disallowance has given a finding that investment in shares and securities have been made out of borrowed funds. It is the submission of the Ld. Counsel for the assessee that no borrowed funds have been utilized for making the investment and no new investments have been made during the year. Considering....