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CIT vs. Machino Plastic Ltd (Delhi High Court)
March, 26th 2012
In remand, s. 14A disallowance cannot exceed original disallowance
 
The AO made a disallowance u/s 14A of Rs. 45 Lakhs on the ground that the assessee had not been able to segregate expenses relating to earning of dividend income and that borrowed funds had been used to fund the investments. The CIT (A) reduced the quantum of disallowance & the department accepted that. In the assessees appeal, the Tribunal totally deleted the disallowance. On appeal by the department, HELD:
 
The AO should examine & compute the disallowance on the basis of what is laid down in Maxopp Investment Ltd 203 TM 364 (Del). However, the quantum of disallowance, if any, to be made by the AO will not exceed the disallowance which was made in the original assessment order as reduced by the CIT(Appeals).
 
 
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