REI Agro Ltd. v. DCIT

144 ITD 141Income Tax Appellate Tribunal2013#221 most cited

What is REI Agro Ltd. v. DCIT authority for?

Disallowance under Section 14A read with Rule 8D applies only to investments that have yielded exempt income in the year under consideration.

346

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2015 to 2026.

Also referred to as

REI Agro Ltd v DCIT · Section 14A disallowance · Rule 8D · exempt income · dividend yielding investments · non-yielding investments · expenditure disallowance · Rule 8D application · Section 115JB · exempt income computation

Also reported as

35 Taxmann.com 404160 TTJ 107144 ITR 141

Sections most often in play

Section 14ASection 115JBSection 250Section 143(3)Section 8DSection 142(1)Section 143(2)Section 37(1)

Issues it is cited on

disallowance under section 14adisallowance u/s 14asection 14asection 10previous yearcompanysection 14indiatotal incomepersonbusinessinterest

Judgments citing REI Agro Ltd. v. DCIT

DCIT, Circle - 1(1), Kolkata vs. M/S. Mcnally Bharat Engineering Company Limited, Kolkata

ITA 109/KOL/2018[2011-12]Status: DisposedITAT Kolkata22 Nov 2019AY 2011-12

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am I.T.A Nos. 147&109 & C.O Nos.35 & 36/Kol/2018 ("नधा"रण वष" / Assessment Years: 2010-11 & 2011-12) Dcit, Circle-1(1), Kolkata Vs. M/S. Mcnally Bharat Engineering Ltd. M/S Mcnally Bharat Engineering Co. Company Limited, 4, Mangoe Lane, Kolkata – 700001. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcm9443R (Appellant) .. (Respondent/Cross-Objector)

For Appellant: Dr. P. K. Srihari, CIT(DR)For Respondent: Shri Chetan Mehta, FCA, Ashish Jain, FCA &
Section 115JSection 144C(3)Section 92B

…640 (SC) holds that the purpose of making exempt income yielding investments is no more a guiding factor, we therefore decline the assessee’s foregoing argument. The fact also remains that this tribunal’s coordinate bench’s decision in REI Agro Ltd. vs. DCIT 144 ITD 141 (Kol) holds that only exempt income yielding investment have to be considered for computing the impugned disallowance. The same has nowhere been considered in either of the lower proceedings. This tribunal’s yet another decision in Maruti Traders & Investors vs. ACIT ITA No.846/Kol/17 & No.637/Kol/18 dated 28.11.18 holds that since administrative…

D.C.I.T., Circle - 6(1), Kolkata vs. M/S. Universal Cables Limited, Kolkata

ITA 1055/KOL/2018[2012-13]Status: DisposedITAT Kolkata22 Nov 2019AY 2012-13

Bench: Shri P. M. Jagtap, V.P & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A No.1055& C.O. No.73/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Dcit, Circle-6(1), Kolkata Vs. M/S. Universal Cables Ltd. 9/1, R.N. Mukherjee Road, Kol-1. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaacu3547P (Appellant/Revenue) .. (Respondent/ Cross-Objector)

For Respondent: Smt. Supriyo Pal, JCIT, Sr. DR
Section 143(3)Section 31(1)Section 32(1)Section 32(1)(ii)Section 32(1)(iia)

…ribunal on May 14,2013, appeal against which, being ITAT 161 of 2013, was rejected by the Hon’ble Calcutta High Court on December 23, 2013. (b) REI Agro Ltd. v. DCIT- ITA Nos.1331 and 1423(Kol.) of 2012 decided by the Hon’ble Tribunal on June 19, 2013 [(2013) 144 ITD 141], appeal against which, being ITAT 220 of 2013, was rejected by the Hon’ble Calcutta High Court on April 9, 2014. (c) Judgment dated July 15, 2011 of the Hon’ble Calcutta High Court in ITA 649 of 2004, J.K. Industies Ltd. CIT, where, following its previous decisions the Hon’ble court was pleased to hold that if profits exceeded the amount of inte…

Addarsh Management P. Ltd., Hooghly vs. ITO, WD-1(4), Kolkata

Appeal is partly allowed in above terms

ITA 1359/KOL/2016[2011-12]Status: DisposedITAT Kolkata22 Nov 2019AY 2011-12

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2011-12 Addarsh Management Pvt. V/S. Income Tax Officer, Ltd. C/O S.N. Ghosh & Ward-1(4), Aaykar Associates, Advocates Bhawan, P-7, “Seven Brothers’ Lodge”, Chowringhee Square, P.O. Buroshibtala, P.S. Kolkata-700 069 Chinsurah, Dist. Hooghly [Pan No.Aacca 1789 K] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Somnath Ghosh, Advocate अपीलाथ" क" ओर से/By Appellant Shri C.J. Singh, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 03-09-2019 सुनवाई क" तार"ख/Date Of Hearing 22 -11-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2011-12 Arises Against The Commissioner Of Income Tax (Appeals)-9 Kolkata’S Order Dated 22.03.2016 Passed In Case No.223/Cit(A)-9/Wd-1(4)/2015-16/Kol, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused.

Section 143(3)Section 24Section 36(1)(iii)

…आयकर अपील"य अधीकरण, "यायपीठ – “ए” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2011-12 Addarsh Management Pvt. V/s. Income Tax Officer, Ltd. C/o S.N. Ghosh & Ward-1(4), Aaykar Associates, Advocates Bhawan, P-7, “Seven Brothers’ Lodge”, Chowringhee Square, P.O. Buroshibtala, P.S. Kolkata-700 069 Chinsurah, Dist. Hooghly [PAN No.AACCA 1789 K] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Somnath Ghosh, Advocate अपीलाथ" क" ओर से/By Appellant Shri C.J. Singh, JCIT-SR-DR ""यथ" क" ओर से/By Respondent…

DCIT, Cir-12(1), Kolkata vs. M/S Bengal Ambuja Housing Development Ltd., Kolkata

Appeal is partly allowed in above terms

ITA 1298/KOL/2016[2012-2013]Status: DisposedITAT Kolkata20 Nov 2019AY 2012-2013

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13

Section 143(3)Section 22Section 27

…principle. Next comes equally important aspect of computation of this indirect head of expenditure. Case file suggests that the Assessing Officer did not include only the dividend income yielding investments in computation as per REI Agro Ltd. vs. DCIT (2014) 144 ITD 141 (Kol). Faced with this submission we deem it appropriate to restrct the impugned disallowance to ₹1,00,000/- only of that in issue of ₹4.57 lakhs. Necessary computation to follow as per law. This issue is partly accepted in Revenue’s favour. 9. Lastly comes the fourth issue of 80IB(10) disallowance of ₹178,36,800/- in respect of the assessee’s h…

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

In the result, the Cross Objections filed by the assessee (in C

ITA 1049/KOL/2017[2011-12]Status: DisposedITAT Kolkata31 Oct 2019AY 2011-12

Bench: Shri A.T. Varkey, Jm & Dr. A. L.Saini, Am

For Appellant: DR. P. K. Srihari, CIT-DRFor Respondent: Shri Chidambaram, Advocate
Section 14ASection 92C

…used the materials available on record. We note that the issue raised by the revenue in respect of disallowance u/s 14A r.w.r 8D of the Income Tax Rules is no longer res integra. We note that Coordinate Bench of ITAT, Kolkata in the case of REI Agro vs. DCIT, 144 ITD 141 (Kol-Trib) has held that it is only the investments which yielded dividend during the previous year that has to be considered while adjudicating the average value of investment for the purpose of Rule 8D(2)(ii) and (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in GA No…

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

In the result, the Cross Objections filed by the assessee (in C

ITA 1048/KOL/2017[2010-11]Status: DisposedITAT Kolkata31 Oct 2019AY 2010-11

Bench: Shri A.T. Varkey, Jm & Dr. A. L.Saini, Am

For Appellant: DR. P. K. Srihari, CIT-DRFor Respondent: Shri Chidambaram, Advocate
Section 14ASection 92C

…used the materials available on record. We note that the issue raised by the revenue in respect of disallowance u/s 14A r.w.r 8D of the Income Tax Rules is no longer res integra. We note that Coordinate Bench of ITAT, Kolkata in the case of REI Agro vs. DCIT, 144 ITD 141 (Kol-Trib) has held that it is only the investments which yielded dividend during the previous year that has to be considered while adjudicating the average value of investment for the purpose of Rule 8D(2)(ii) and (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in GA No…

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

In the result, the Cross Objections filed by the assessee (in C

ITA 1047/KOL/2017[2009-10]Status: DisposedITAT Kolkata31 Oct 2019AY 2009-10

Bench: Shri A.T. Varkey, Jm & Dr. A. L.Saini, Am

For Appellant: DR. P. K. Srihari, CIT-DRFor Respondent: Shri Chidambaram, Advocate
Section 14ASection 92C

…used the materials available on record. We note that the issue raised by the revenue in respect of disallowance u/s 14A r.w.r 8D of the Income Tax Rules is no longer res integra. We note that Coordinate Bench of ITAT, Kolkata in the case of REI Agro vs. DCIT, 144 ITD 141 (Kol-Trib) has held that it is only the investments which yielded dividend during the previous year that has to be considered while adjudicating the average value of investment for the purpose of Rule 8D(2)(ii) and (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in GA No…

The Deputy Commissioner of Income Tax, Circle-3, Guwahati vs. M/S. Numaligarh Refinery Ltd., Guwahati

In the result, appeals of the assessee in I

ITA 278/GTY/2018[2015-16]Status: DisposedITAT Guwahati13 Sept 2019AY 2015-16

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

Deputy Commissioner of Income Tax, Circle - 03, Guwahati vs. Numaligarh Refinery Limited, Guwahati

In the result, appeals of the assessee in I

ITA 28/GTY/2017[2013-14]Status: DisposedITAT Guwahati13 Sept 2019AY 2013-14

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

Numaligarh Refinery Limited, Guwahati vs. Deputy Commissioner of Income Tax, Circle - 03, Guwahati

In the result, appeals of the assessee in I

ITA 27/GTY/2017[2013-14]Status: DisposedITAT Guwahati13 Sept 2019AY 2013-14

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

The Deputy Commissioner of Income Tax, Circle-3, Guwahati vs. M/S. Numaligarh Refinery Ltd., Guwahati

In the result, appeals of the assessee in I

ITA 98/GTY/2016[2012-13]Status: DisposedITAT Guwahati13 Sept 2019AY 2012-13

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

The Deputy Commissioner of Income Tax, Circle-3, Guwahati vs. M/S. Numaligarh Refinery Ltd., Guwahati

In the result, appeals of the assessee in I

ITA 97/GTY/2016[2011-12]Status: DisposedITAT Guwahati13 Sept 2019AY 2011-12

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

M/S. Numaligarh Refinery Ltd., Guwahati vs. The Deputy Commissioner of Income Tax, Circle-3, Guwahati

In the result, appeals of the assessee in I

ITA 90/GTY/2016[2012-13]Status: DisposedITAT Guwahati13 Sept 2019AY 2012-13

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

M/S. Numaligarh Refinery Ltd., Guwahati vs. The Deputy Commissioner of Income Tax, Circle-3, Guwahati

In the result, appeals of the assessee in I

ITA 89/GTY/2016[2010-11]Status: DisposedITAT Guwahati13 Sept 2019AY 2010-11

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

M/S. Numaligarh Refinery Ltd., Guwahati vs. The Deputy Commissioner of Income Tax, Circle-3, Guwahati

In the result, appeals of the assessee in I

ITA 8/GTY/2014[2010-11]Status: DisposedITAT Guwahati13 Sept 2019AY 2010-11

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

M/S. Numaligarh Refinery Ltd., Guwahati vs. The Deputy Commissioner of Income Tax, Circle-3, Guwahati

In the result, appeals of the assessee in I

ITA 7/GTY/2014[2009-10]Status: DisposedITAT Guwahati13 Sept 2019AY 2009-10

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

M/S. Numaligarh Refinery Ltd., Guwahati vs. The Deputy Commissioner of Income Tax, Circle-3, Guwahati

In the result, appeals of the assessee in I

ITA 5/GTY/2014[2007-08]Status: DisposedITAT Guwahati13 Sept 2019AY 2007-08

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am Assessee`S Appeals

For Appellant: Shri Jayanta Dutta, ARFor Respondent: Shri Sanjay Sarma, DR
Section 80

…elhi), wherein it was held that if there is no exempt income earned or received by the assessee, no disallowance is warranted under section 14A read with rule 8D of the Rules. We note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

Akbar Abdul Ali, Mumbai vs. ACIT-17, Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be allowed accordingly

ITA 4703/MUM/2018[2014-15]Status: DisposedITAT Mumbai30 Aug 2019AY 2014-15
For Appellant: Shri N. R. AgrawalFor Respondent: Shri Chaitanya Anjaria (DR)
Section 143(1)Section 143(2)Section 14A

…uj) 45 taxman.co. 116 CIT v/s Holcim India Pvt. Ltd. 90 CCH 0081 (Del HC) Siva Industries & Holding Ltd. v/s ACIT ITA no.2148/Mds/ 10 Chennai 'A dated 20/5/2011 Avshesh Mercantile Pvt Ltd. & 15 others v/s DCIT 'F' Bench dated 13/6/2012 REI Agro Ltd. v/s DCIT 160 TTJ 107 (Kol) ACIT v/s Punjab State co-op. Marketing Fed. Ltd. 14 ITR (Tri) 69 (Chd) Bellwether Microfinance Fund P. Ltd. v/s ITO 165 TTJ 261 (Hyd 'B') Ground No.2 The learned CIT (Appeals) erred in passing the order without giving opportunity to assessee & without issuing notice for hearing for AY 2014/15 while she issued two notices for AY 2011/12 for…

Shri Vimal Ramniklal Ambani, Ahmedabad vs. The ITO, Ward-4(1)(1), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 2500/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad18 Jul 2019AY 2013-14
For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Smt. Somogyan Pal, Sr.DR
Section 10(34)Section 14ASection 36(1)(iii)

…e investments which have yielded dividend income to the assessee in the year under consideration. In this regard we find support and guidance from the order of Coordinate Bench of this Tribunal in the case of REI Agro Ltd. v. Dy. CIT [2013] 35 taxmann.com 404/144 ITD 141 (Kol.) which was also affirmed by the Hon'ble Calcutta High Court vide Order dated 09.04.2014 in GA No. 3581 of 2013, wherein it was held that the disallowance as per Rule 8D shall be made by taking into consideration only those shares, which have yielded dividend income in the year under consideration. Therefore we direct the AO to make the disa…

Shri Vimal Ramniklal Ambani, Ahmedabad vs. The ITO, Ward-4(1)(1), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 2499/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad18 Jul 2019AY 2012-13
For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Smt. Somogyan Pal, Sr.DR
Section 10(34)Section 14ASection 36(1)(iii)

…e investments which have yielded dividend income to the assessee in the year under consideration. In this regard we find support and guidance from the order of Coordinate Bench of this Tribunal in the case of REI Agro Ltd. v. Dy. CIT [2013] 35 taxmann.com 404/144 ITD 141 (Kol.) which was also affirmed by the Hon'ble Calcutta High Court vide Order dated 09.04.2014 in GA No. 3581 of 2013, wherein it was held that the disallowance as per Rule 8D shall be made by taking into consideration only those shares, which have yielded dividend income in the year under consideration. Therefore we direct the AO to make the disa…