2015 (2) TMI 1329

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... This is an appeal filed by the assessee against the order of the CIT(A)-VIII, Ahmedabad dated 4.4.2011 for the Asstt.Year 2007-08. 2. The first issue involved in this appeal is that the CIT(A) erred in confirming the order of the AO in making disallowance of interest expenditure of Rs. 2,27,328/- under section 14A of the Act. The second issue involved in this appeal is that the CIT(A) e....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to exclude the interest on term loan, interest on partly convertible debenture and interest paid to CLFI out of the total interest expenditure incurred by the assessee during the year under consideration, and out of the balance interest expenditure, disallowance on pro-rata basis should be worked out. 5. As regards the disallowance made out of administrative expenses of Rs. 76,566/-, the CIT(A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f Rs. 3,03,894/- under section 14A of the Act. This was confirmed in appeal by the CIT(A). 8. Only contention of the assessee is that the disallowance made should not exceed the exempt dividend income of Rs. 33,445/-. 9. We find force in the contention of the assessee. Recently, Mumbai Bench of the Tribunal in the case of Daga Global Chemicals P. Ltd. Vs. DCIT vide its order dated 1.1.2015 p....