2017 (2) TMI 1474

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cumstances of the case and in law the CIT(A) failed to appreciate that the dividend received was only Rs. 20,000/- 2. Only issue raised by the assessee is against the confirmation of disallowance of Rs. 4,22,992/- by the ld. CIT(A) as made by the AO under section 14A of the Income Tax Act, 1961 read with rule 8D of the Income Tax Rules, 1962 by ignoring the facts that the dividend received by the assessee was only Rs. 20,000/-. 3. At the outset, the ld. AR submitted before us that the present case of the assessee stands covered in favour of the assessee by the decision of the Co-ordinate Bench of the Tribunal in assessee's own case in ITA No.1473/Mum/2015 (AY-2011-12) dated 4.11.2016, wherein the Tribunal held that that the disallowance c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he assessee in hand and the case decided by the Co-ordinate Bench of the Tribunal appears in ITA No.1473/Mum/2015 (supra) are materially same and thus the issue raised by the assessee is squarely covered by the above decision. For the sake of convenience we extract relevant findings of the Tribunal as under : "4. I have heard rival contentions and gone through facts and circumstances of the case. Admittedly, the only exempted income earned by assessee on account of dividend is Rs. 20,000/-. I find that this issue is covered in favour of assessee as far as restricting the disallowance to the extent of exempted income only and for this I am placing reliance on the Co-ordinate Bench decision in the case of Daga Global Chemicals Pvt. Ltd. Vs.....