2019 (7) TMI 1693

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.... for the assessment year 2013-14. 2. Since all these appeals involve common issue arising out of identical set of facts and circumstances, therefore, as a matter of convenience, these appeals were heard together and are being disposed of by way of this consolidated order. However, for the sake of brevity, we are discussing the facts as they appear in the appeal relating to one of the assessee, namely, DSP Adico Holdings Pvt. Ltd. 3. The only common dispute in all these appeals relates to disallowance under section 14A r/w rule 8D. 4. Brief facts are, during the assessment proceedings, the Assessing Officer noticed that during the year the assessee has earned exempt income by way of dividend on mutual fund and shares amounting to Rs. 12,5....

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....ar under consideration is Rs. 6,71,000. Out of which, the assessee apportioned an amount of Rs. 2,02,688, towards expenditure incurred for earning exempt income and disallowed voluntarily under section 14A of the Act. He submitted, during the year under consideration the assessee had taxable income of more than Rs. 18 crore, whereas, expenditure debited to the Profit & Loss account is only Rs. 6.71 lakh. Therefore, in proportion to taxable and exempt income, the assessee had made disallowance under section 14A of the Act. He submitted, following the same method of apportioning expenditure on proportionate basis between the taxable and exempt income, the assessee had been making disallowance under section 14A in the past assessment years. He....

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....hodology of apportioning expenditure between the taxable and exempt income from the past several years and accepting the methodology adopted by the assessee, the Tribunal while deciding the issue in assessment year 2008-09 in ITA no.7598/Mum./2011, dated 22nd January 2014, has directed the Assessing Officer to restrict the disallowance to the amount already disallowed by the assessee voluntarily. The same view was expressed by the Tribunal while deciding assessee's appeals in assessment years 2010-11, vide ITA no. 7135/Mum./2013 &Ors., dated 22nd April 2016 and in the assessment year 2011-12, vide ITA no.5467/Mum./2014 & Anr., dated 17th March 2016. Pertinently, the aforesaid decisions of the Tribunal have been upheld by the Hon'ble Jur....