2021 (8) TMI 13

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....f the Income Tax Rules, 1962. On the facts and in the circumstances of the case and in law, the disallowance made ought to be deleted. 3. Brief facts the appellant is a practicing doctor (Cardiologist) and is affiliated with many hospitals. During the year under consideration the assessee has earned gross receipts of Rs. 4,20,49,822/- and after claiming expenses of Rs. 39,20,906/-. He offered net professional income at Rs. 3,81,28,9l6/-. Apart from professional income, the assessee has also offered Income of Rs. 27,046/- from House Properly and interest income of Rs. 1,68,36,905/-. Apart from above income, the assessee has earned exempt Income of Rs. 20,91,427/-. The details of the said income earned are as follows: Particulars Amo....

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....n case, appellant has not incurred any expenses to earn dividend income. Therefore, no disallowance u/s 14A r.w. rule 3D of the Rules, is required in the instant case. However, on a without prejudice basis, as required by the learned AO, 'the appellant filed a working of 14A disallowance as per Rule 8D of Rules) amounting to Rs. 4,66,355/- vide letter dated 30.01,2015 However, the AO without providing any specific findings as to which expenses are incurred to earn exempt income and without recording any reasoning tor his dissatisfaction to the working of the assessee simply mentioned in the order that "use of infrastructure and staff of profession for earning the exempt income cannot be denied". Thereafter, the AO computed disallowance ....

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....ome that much of the expenditure which is attributable to the dividend income has to be disallowed and cannot be treated as business income. Thereafter Learned CIT(Appeals) chose not to follow ITAT decision in assessee's own case and referred to several other ITAT decision and proceeded to confirm the order of the assessing officer. 6. Against this order assessee is in appeal before us. 7. We have heard the learned departmental representative and perused the records. On the facts as narrated above it is clear that ITAT in assessee's own case for earlier years has restricted the disallowance to the suo moto disallowance made by the assessee. There is no change in the facts and circumstances of the case. No reason whatsoever has....