2021 (3) TMI 1455

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.... (A.M): This appeal in ITA No. 5408/Mum/2019 for A.Y. 2012-13 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-17, Mumbai in appeal No. CIT(A)-17/IT-169/16-17 dated 17/06/2019 (ld. CIT(A) in short) against the order of assessment passed u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) by the ld. Asst. Commissioner of Income Tax-14(2)(2), Mumbai (here....

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.... had made investment in exempt income yielding assets amounting to Rs. 82,24,98,670/-. It is not in dispute that assessee had earned exempt income during the year under consideration. But at the same time we find that assessee had made voluntary disallowance of administrative expenses under third limb of Rule 8D(2) of the Rules amounting to Rs. 33,62,493/- in the return of income. The assessee ple....

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.... disallowance u/s. 14A of the Act would come into operation. Accordingly, he deleted the disallowance u/s. 14A of the Act made by the ld. AO in the assessment, but however, sustained the suo moto disallowance made by the assessee in the sum of Rs. 33,62,493/- as the same was voluntarily made by the assessee in the return of income. We find that the ld. CIT(A) had also given a categorical finding t....

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....he ld. CIT(A) even though it had made certain erroneous disallowance in the return of income. Reliance in this regard is placed on the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Pruthvi Brokers and Shareholders Pvt Ltd., reported in 349 ITR 336 (Bom). Respectfully following the said decision of the Hon'ble Jurisdictional High Court, we hold that the lower authorities ....