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Income Tax Appellate Tribunal, “SMC” Bench, Mumbai
Before: Shri Shamim Yahya (AM) & Shri Amarjit Singh (JM)
This appeal by the assessee is directed against the order of learned CIT(A) dated 6.7.2018 and pertains to A.Y. 2014-15.
The issue pertains to disallowance u/s. 14A.
The Assessing Officer has made disallowance u/s. 14A of the Act in this case at Rs. 4,97,948/-. The assessee’s request that the disallowance should be restricted to the exempt income earned has been rejected by learned CIT(A).
Against this order the assessee is in appeal before us.
We have heard both the counsel and perused the records. We find that the assessee’s plea that the disallowance should be restricted to the exempt income earned is duly covered in favour of the assessee by several decisions including that from decision of Apex Court in the case of PCIT Vs. State Bank of Patiala (259 Taxman 314) considered in the decision of Maxopp Investment Ltd. Vs Commissioner of Income-tax [2018] 91 taxmann.com 154 (SC). Accordingly, we direct that the disallowance be restricted to exempt income earned.
In the result, assessee’s appeal is partly allowed. Order has been pronounced in the Court on 02.12.2019.