2018 (6) TMI 1627

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....C. Ramesh, CA For the Respondent : Dr. Sandeep Goel, Addl.CIT(DR)(ITAT), Bengaluru. ORDER Per N.V. Vasudevan, Judicial Member This appeal by the assessee is against the order dated 30.05.2017 of the CIT(Appeals)-7, Bengaluru relating to assessment year 2013-14. 2. The only issue that arises for consideration in this appeal is with regard to the disallowance of expenses incurred in e....

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....nbsp; Rs. 80,01,89,963 Average of Investments                Rs. 75,57,69,497 Accordingly, the amount of disallowance is worked to Rs. 37,78,847 (0.5% of Avg Investment i.e. Rs. 75,57,69,497). Since the assessee on its own disallowed Rs. 84,753 in computation of total income, the remaining amount of Rs. 36,94,0....

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....Rules. He also rejected the contention of the assessee that the disallowance u/s. 14A cannot exceed the exempt income earned by the assessee by relying on the CBDT Circular dated 11.02.2014. Accordingly, the disallowance made by the AO was confirmed by the CIT(Appeals). 7. Aggrieved by the order of CIT(Appeals), the assessee has preferred the present appeal before the Tribunal. 8. We have he....

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....e hold and direct accordingly. 9. In the result, the appeal of the assessee is partly allowed Pronounced in the open court on this 1st day of June, 2018. ============= Document 1 1 Company has earned dividend income of Rs. 940,215 2 No expenditure has been incurred directly to earn the income 3 a) General Interest Total interest incurred by the assessee Less: Int....