2017 (1) TMI 1612

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....ds of revenue's appeal in ITA No. 301/JP/2016. "(1) Whether on the facts and in the circumstances of the case and in law the ld. CIT(A) has erred in deleting the disallowance of Rs. 1,44,82,686/- made by AO under the provisions of section 14A r.w. rule 8D of the I.T. Rules." "(2) Whether on the facts and in the circumstances of the case and in law the ld. CIT(A) has erred in deleting the disallowance of Rs. 2,71,194/- made by the AO on delayed payment of employee contribution of ESI and PF." Grounds of revenue's appeal in ITA No. 302/JP/2016. "(1) Whether on the facts and in the circumstances of the case and in law the ld. CIT(A) has erred in deleting the disallowance of Rs. 1,44,207/- made by AO on delayed payment of employee contri....

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....jasthan High Court against the said earlier orders passed by the coordinate benches in assessee's own case against which the department has filed further appeals before the Hon'ble Rajasthan High Court. 3. In respect of disallowance under section 14A r.w. Rule 8D of the Act, the ground which is common in all the three years, the Coordinate bench in ITA No.230/JP/2015 & 916/JP/2014 dated 4.02.2016 has decided the matter in favour of the assessee. The relevant findings are contained as under:- 5.1 We have heard the rival contentions, judicial pronouncements and material available on record. Following facts clearly emerge from the record:- (i) It is admitted by ld. AO himself that the investments in assets from which exempt income is earn....

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....ermination amount is derived after examination of the accounts and rejection if assessee's claim or explanation. We find that ld. AO rather accepts that the impugned investments in JV equity and mutual funds is out of own funds of assessee, nevertheless AO proceeds for disallowance in this behalf. The second aspect is there appears to be non scrutiny of the relevant aspects and propositions of the ld. AO. (vii) Ld. CIT(A) has considered the issues, relevant facts, assessee's explanation and judicial precedents in right perspectives and by detailed findings dislodged the AO's observations and findings. The orders of ld. CIT(A) suffer from no inconsistency and deserve to be upheld. 5.2 In view of the facts, circumstances, contentions and ....