2016 (11) TMI 1681

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.... assessee is arising out of the order of CIT (A)-13, Mumbai in appeal No. CIT (A)-12/ACIT 6(3)/IT-10/2013-14 dated 19-12-14. The Assessment was framed by ACIT-6(3), Mumbai for the AY 2010-11 vide order dated 11-03-2013 under section 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The only issue in this appeal of the assessee is against the order of the CIT (A) confirming the action....

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.... as exempt. According to AO the assessee has incurred expenditure but no disallowance is made while claiming the exempt income. Accordingly, he computed the disallowance by invoking the provisions of section 14 A of the Act r.w.s rule 8 D of the Income Tax Rules, 1962 (hereinafter 'the rules'). Accordingly he disallowed a sum of Rs. 5,25,322/. Aggrieved, assessee preferred appeal before CIT (A), w....

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....ailable on record. The facts, in brief, are that the assessee is a limited company, engaged in trading of bulk and fine, chemicals, solvent and pharmaceutical raw materials declared its 4 M/s Daga Global Chemicals Pvt. Ltd, . income at Rs. 74,40,000/- on 26/09/2009. The assessee credited dividend income of Rs. 1,82,262/- in its profit and loss account. The Assessing Officer while framing the ass....

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....8.412/- by invoking section 14A r.w. Rule 8D under the facts available on record. It was also explained by the ld. counsel for the assessee that on identical fact in earlier years, no disallowance was made. In the present assessment year also, no borrowed funds were invested by the assessee for making investment in shares or for earning dividend income. At best, if any disallowance could be made t....