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Income Tax Appellate Tribunal, MUMBAI BENCH “H”, MUMBAI
Before: SHRI C.N. PRASAD, HONBLE & SHRI N.K. PRADHAN, HONBLEDr. D.N. Road, Fort,
O R D E R PER C.N. PRASAD (JM) 1. This appeal is filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals) – 2, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 16.12.2016 for the Assessment Year 2012-13.
In this appeal the Revenue challenged the order of the Ld.CIT(A) in restricting the disallowance u/s. 14A of the Act to the exempt income earned by the assessee.
Ld. DR vehemently placed reliance on the order of the Assessing Officer whereas the Ld. Counsel for the assessee relied on the order of the Ld.CIT(A).
(A.Y: 2012-13) M/s. Karma Energy Ltd., 4. We have perused the order of the Ld.CIT(A) and find that the disallowance u/s. 14A of the Act was restricted to the exempt income earned by the assessee following the decision of the Delhi Bench of the Tribunal in the case of M/s. Sahara India Financial Corporation Ltd v. DCIT [41 taxmann.com 251]. This bench is consistently holding that, the disallowance u/s. 14A of the Act if any shall be restricted to the exempt income earned by the assessee. The decision of the Ld.CIT(A) is in tune with the consistent view of this Tribunal. Hence we do not find any infirmity in the order passed by the Ld.CIT(A).
In the result, appeal of the Revenue is dismissed.
Order pronounced in the open court on the 30th October, 2018