2019 (1) TMI 14

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....estments treating the same as capital loss. 2. That the Ld. AO/CIT(A) has erred in confirming the additions of a sum of Rs. 102,886/- towards disallowance of expenses relatable to the exempted income u/s. 14A of the Income Tax Act, 1961. 3. The appellant craves leave to amend, alter or add fresh grounds of appeal during the course of proceedings before the Tribunal." 3. Facts narrated by the revenue authorities are not disputed by both the parties, hence, the same are not repeated here for the sake of convenience. 4. I have heard both the parties and perused the records. I find that at the time of filing the Appeal before the Tribunal on 12.4.2018, the Registry has issued the Defect Notice and raised the defect that ....

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....e fact that the loss on sale of Investment of Rs. 9,49,398/- has been allowed as revenue expenditure . The Appellant Company was informed of the same and was asked by the Learned Income tax Officer to present its case and during the proceedings u/s 263/143{3) addition of a sum of Rs. 949,398 on account of loss on sale of investment was A made vide Income tax Officer Order dated 31/01/2014. Further an addition of Rs. 102,886 was made to the income of the Appellant Company as disallowance of expenses relatable to the exempted income u/s 14A of the Income Tax Act, 1961 by the Ld. AO. The appellant Company being aggrieved against the said unwarranted additions had preferred an appeal before the Learned err Appeals V, ....

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...., Delhi Bench against order of the CIT Appeal against penalty u/s 271(1)(c} of the Income tax Act, 1961, the present counsel of the Appellant Company enquired about the status of the appeal filed in ITAT Delhi Bench with respect to the additions made u/s 263/143{3} of the Income tax Act for the Assessment Year 2008-2009. On enquiring from the then Counsel of the Appellant Company Sh. Aman Ansari about the documents pertaining to the filing of the appeal in ITAT Delhi Bench with respect to the additions made u/s 263/143{3} of the Income tax Act for the Assessment Year 2008-2009, no positive response was shown and was told that he might have forgotten to file the appeal before the ITAT, Delhi Bench. Based on this, there has ....