depreciation on investment portfolio, disallowance of expenses with reference to exempt income under Section 14A(1) of the Income Tax Act read with Rule 8D, disallowance under Section 36(1), disallowance under Section 40a(ia) and disallowance under Section 36(1)(vii) of the Act. 3. The assessee thereupon filed an appeal before the Commissioner of Income Tax (Appeals