2017 (4) TMI 1666

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iled by the assessee against the order of CIT(A)-8, Mumbai dated 29/12/2014 for the A.Y. 2011-12 in the matter of order passed u/s.143(3) of the IT Act. 2. Only grievance of assessee relates to disallowance made u/s.14A r.w.r. 8D (2)(iii). At the outset, learned AR placed on record the order of the Tribunal in assessee's own case wherein under similar facts and circumstances, disallowance made ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uted by the Departmental Authorities. Therefore, applying ratio laid down by the Hon'ble Jurisdictional High Court in HDFC Bank Ltd. v/s DCIT, [2016] 383 ITR 529 (Bom.) and CIT v/s HDFC Bank Ltd. v/s DCIT, [2014] 366 ITR 505 (Bom.), we hold that no disallowance of interest expenditure under rule 8D(2)(ii) can be made. As far as disallowance of administrative expenditure under rule 8D(2)(iii) i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n case consistently has recorded a finding to the effect that one of the employees was looking after investment activity, salary cost of which employee has already been disallowed by the assessee. After considering the entire facts and circumstances, the Tribunal has restricted the disallowance to 2% of the dividend income earned by the assessee. As the facts and circumstances during the year unde....