2022 (6) TMI 1559

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..... Kirtane ORDER PER GAGAN GOYAL, A.M: This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-47, Mumbai [hereinafter referred to as 'the CIT (A)'] vide order dated 05.02.2021 for the Assessment Year (AY) 2015-16. The Revenue has raised the following grounds of appeal: 1. "On the facts and circumstances of the case and in law, the Ld. CIT(....

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....s. 14A after reducing the interest paid on borrowed funds which was utilized or Wind Power energy unit, without appreciating the fact that Rule 8D of the Income Tax Rules, 1962 does not prescribe such exclusion." 4. "On the facts and circumstances of the case and in law, the Ld. CIT(A) erred m directing the AO to rework the computation of disallowance u/s. 14A after excluding investment i....

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....i) Disallowance under section 14A Rs. 35,88,82,480/- (ii) Disallowance of Club Expenses Rs. 107,120/- (iii) Disallowance of common expenses against deduction claimed u/s 80IA Rs. 5,92,7000/- (iv) Carbon Credit treated as Revenue income u/s 28 Rs. 102,05,87/- (v) Disallowance of claim u/s 40(a) Rs. 4,35,810/- (vi) Disallowance U/s 14A added to book pr....

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....under section 14A of the Act being a part of salary of three employees and other overheads. 6. Against this suo-moto disallowance of Rs. 17,67,345/- AO applied Rule 8D (ii) & (iii) of the Income Tax Rules, 1962 (for short 'the Rules') as per the calculation prescribed in Rule 8D of the Rules, AO worked out disallowance of Rs. 35,88,82,480/- (Rs. 36,06,49,825 - Rs. 17,67,345). Against this disal....