2014 (5) TMI 1228

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.... ORDER PER A.D. JAIN, JUDICIAL MEMBER: This is Assessee's appeal for Assessment Year 2008-09 against the order dated 15.03.2013, passed by the Ld. CIT(A)-XVIII, New Delhi, taking the following grounds:- "1. That on the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals)-XVIII, New Delhi (hereinafter called the CIT (A) for short) erred in conf....

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....However, it had not accounted for any expenses regarding the same. The AO, applying the provisions of Section 14A of the IT Act, read with Rule 8D of the IT Rules, made a disallowance of Rs.17,20,850/-, even though the claim of the assessee was that no expenditure had been incurred by it to earn the exempt income. By virtue of the impugned order, the ld. CIT (A) confirmed the disallowance. 4. C....

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.... The AO held that the assessee had not invested in shares for earning dividend, but that it was a dealer in shares. However, the AO made a disallowance of Rs.17,20,850/- representing expenditure against the said dividend income. 7. Undoubtedly, the assessee had not accounted for any expense concerning the dividend of Rs.29,83,855/-. The AO applied the provisions of Section 14A of the Act read w....