2021 (1) TMI 468

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....imal, Sr. DR ORDER PER N. K. BILLAIYA, AM: This appeal by the assessee is preferred against the order of the CIT(A)-38, New Delhi dated 23.10.2017 pertaining to A.Y. 2013-14. 2. The assessee is aggrieved by two additions first disallowance u/s.14A and second disallowance of interest u/s. 36 (1) (iii) of the Act. 3. Briefly stated the appellant is a member of Bombay Stock exchange an....

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....IT(A) was of the opinion that the disallowance made by the AO is excess and drawing support from the decision of Hon'ble Delhi High Court in the case of Joint Investment Private Limited 2015, 3 TMI 155 restricted the disallowance to the extent of the exempt income amounting to Rs. 364690/-. 7. Before us the counsel for the assessee vehemently stated that no satisfaction was recorded by the AO b....

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....ufficient own interest free funds no disallowance should have been made considering the interest. In so far as the disallowance of administrative expenses is concerned we find that the CIT(A) has restricted disallowance to the extent of the exempt income relying upon the decision of the Hon'ble Jurisdictional High Court of Delhi. We are of the opinion that such disallowance is reasonable and need ....