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Income Tax Appellate Tribunal, “J” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO & SHRI SANJAY GARG
सुनवाई की तायीख / Date of Hearing : 19.07.2016 घोषणा की तायीख /Date of Pronouncement : 19.07.2016 आदेश / O R D E R
PER D. KARUNAKARA RAO, AM:
This appeal filed by the assessee on 16.01.2015 is against the order of the CIT (A)-9, Mumbai dated 28.10.2014 for the assessment year 2009-2010. In this appeal, assessee raised the following ground which reads as under:- “The CIT (A) erred in confirming the disallowance u/s 14A read with Rule 8D made by the AO of Rs. 12,28,308/-.”
2. The only issue raised by the assessee in this appeal relates to the disallowance of expenditure u/s 14A r.w. Rule 8D2(iii) of the IT Rules, 1962. Narrating the facts of the case, Ld Counsel for the assessee mentioned that the assessee earned exempt income amounting to Rs. 1,32,433/-. He submitted that the Assessing Officer quantified the disallowance under the said provisions of Rule 8D at Rs. 12,28,308/-, which is equivalent of all the debits in P & L Account. Bringing our attention to various binding decisions on the subject, Ld Counsel for the assessee demonstrated that the disallowance u/s 14A of the Act under the above factual matrix should not exceed the foresaid exempt income of Rs. 1,32,433/-. In support