2026 (4) TMI 188

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CIT(A)"], for the assessment year 2009-10. ITA No.9464/Mum/2025 Assessee's Appeal - A.Y. 2009-10 2. In this appeal, the assessee has raised the following grounds: - "1. In the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the disallowance of managerial and administrative expenses made by the AO w/s. 14A of the Act r.w. Rule 8D(2)(iii) of the Income Tax Rules, 1962 of Rs. 90,93,173/- holding that the said disallowance was suo-motto made by the appellant without appreciating the records of the appellant and rejecting the basis of working out the inadmissible expenditure at Rs. 20,610/- which is in relation to the expenditure incurred on the "Treasury Department" being limited to th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... and deleted the disallowance computed under Rule 8D(2)(iii) of the Rules. However, in compliance with the directions of the Tribunal that only investments which have yielded exempt income be considered, the AO computed a disallowance of Rs. 90,93,173/- under section 14A read with Rule 8D(2)(iii) of the Rules. The learned CIT(A), vide impugned order, after noting the fact that the assessee suo motu disallowed an amount of Rs. 90,93,173/- under section 14A of the Act, held that no further disallowance under section 14A read with Rule 8D of the Rules is warranted. Accordingly, the learned CIT(A) dismissed the ground raised by the assessee on this issue. 6. During the hearing, the learned Authorised Representative ("learned AR") fairly admi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ilable on record. Vide impugned order, the learned CIT(A) allowed the ground raised by the assessee on this issue, observing as follows: - "6. Additional Grounds: The appellant has grievance against the action of the A.O. of not granting deduction of Education Cess including Secondary and Higher Education Cess u/s. 37 of the Act attributable to tax on income from business as may be levied in this regard pursuant to the Order(s) as may be passed by the Ld. AO giving effect to the Order(s) of the appellate authority(ies). Since the grievance of the appellant is found very much legitimate, the AO is hereby directed to grant Education Cess including Secondary and Higher Education Cess u/s. 37 of the Act, if applicable to the a....