2021 (1) TMI 1134

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....RDER PER MAHAVIR SINGH, VICE-PRESIDENT; 1. This appeal by assessee is arising out of the order of Commissioner of Income Tax (Appeals)-52, Mumbai [for short 'the ld. CIT(A)] in Appeal No. CIT(A)-52/IT-198/DCIT-CC-4(2)/17-18 order dated 26.03.2019. Assessment was framed by DCIT, Central Circle-4(2), Mumbai for the Assessment Year 2015-16 under section 143(3) of the Income Tax Act, 1961 (herei....

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....llowance under Section 14A cannot exceed dividend income, thus the disallowance under section 14A of the Act must be restricted to Rs. 13,17,233/-. 3. We have heard rival contentions and gone through the facts and circumstances of this case. We noted that that the Assessing Officer while framing assessment has made disallowance by invoking the provisions of section 14A of the Act r.w.r 8D of th....

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....r Rule 8D(2)(iii) of the Rules. Before the CIT(A), the assessee relied on the decision of Hon'ble Supreme Court in the case of Maxopp Investments Ltd. (91 Taxman.com 154) but CIT(A) noted that the assessee has itself made suo-moto disallowance of Rs. 5,86,52,973/- and the same has to be adopted for this the CIT(A) gave his in para-5.21 as under: "5.21. In view of the above discussion, the....