2021 (3) TMI 215

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....i Bharat Andhale ORDER PER RAJESH KUMAR, AM : This appeal by assessee is directed against the order of learned Commissioner of Income Tax (Appeals) - 5, Mumbai (in short 'the CIT(A)') pertaining to Assessment Year 2013-14. 2. The only issue raised by the assessee in the various grounds of appeal is against the confirmation of disallowance of Rs. 10,21,142/- by the learned CIT(A) as mad....

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.... and then invoked the provisions of Section 14A of the Act r.w.r 8D of the Rules. The Assessing Officer has stated that the expenses incurred by way of PMS fee to three funds aggregating to Rs. 3,44,954/- was incurred in order to earn taxable income which has been offered to tax and, therefore, not liable to be disallowed under Section 14A of the Act. 3. Aggrieved assessee, filed an appeal befo....

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....de disallowance of Rs. 6,76,188/- towards other administration expenses under Rule 8D(2)(iii) by applying rate of 0.5% on the average investments. In this case, we note that the PMS fee has been paid to three funds as stated above and the investments made has yielded taxable income. The payment of to Motilal Oswal PMS Account was Rs. Rs. 11,125/- and the assessee has earned short term capital gain....

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....the disallowance of Rs. 6,76,188/-, being 0.5%of the average investments is concerned, we note that in para 4.1 of his order, the Assessing Officer has simply rejected the submissions of the assessee without pointing out as to how the said submissions are wrong and thus has not recorded any satisfaction before invoking the provisions of section 14A r.w.r. 8D(2)(iii). The assessee has filed Income ....