2022 (1) TMI 366

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.... ORDER PER M. BALAGANESH, AM: 1. This appeal of the assessee arises out of the order of the Learned Commissioner of Income Tax (Appeals) -24, Mumbai [hereinafter referred to as the ld CITA] in Appeal No. CIT(A)-24/ACIT-15(1)(2)/IT-694/2016-17 dated 27.12.2018 against the order passed by the Learned Asstt. Commissioner of Income Tax, Range 15(1)(2), Mumbai [hereinafter referred to as the ld A....

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....ne of Rs. 8,64,141/- against which the assessee had made voluntary disallowance of expenses to the tune of Rs. 14,57,932/- under second limb of Rule 8D(2) of the Rules. 4. We find that assessee pleaded that separate books of account are maintained for his proprietary concern and for his personal activities. It was pleaded that in proprietary concern, no investments were made by the assessee and....