2022 (5) TMI 1438

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....nt : Ms. Anupama Singla, Sr. DR ORDER PER SAKTIJIT DEY, JM: This is an appeal by the assessee against order dated 28.10.2018 of learned Commissioner of Income Tax (Appeals)-35, New Delhi, pertaining to assessment year 2009-10. 2. The dispute in the present appeal is confined to disallowance made of Rs.25,48,011/- under section 14A of the Income-tax Act, 1961 (for short 'the Act') read ....

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....issue, the Tribunal restored it back to the Assessing Officer for deciding afresh in accordance with law. While completing the assessment in pursuance to the direction of the Tribunal, the Assessing Officer again made disallowance under section 14A read with Rule 8D at Rs.25,48,011/-. The disallowance so made, was also upheld by learned Commissioner (Appeals). 4. The only submission made before....

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....(D)=(C)*0.5%     2,49,969 5. In support of his contention, learned counsel for the assessee relied upon the decision of the Hon'ble Delhi High Court in case of Pr. CIT Vs. Caraf Builders & Constructions (P.) Ltd. [2019] 101 taxmann.com 167 (Delhi). 6. Learned Departmental Representative relied upon the observations of the Assessing Officer and learned Commissioner (Appeals....

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....wance under Rule 8D(2)(iii). In this context, the following observations of the Hon'ble Delhi High Court in case of Pr. CIT Vs. Caraf Builders & Constructions (P.) Ltd. (supra) would be relevant: "26. There is another error made by the Assessing Officer in computing the disallowance under clauses (ii) of Rule 8D (2) with reference to the formula prescribed. Numerical B in clause (ii) refe....