2019 (2) TMI 1072

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....e For the Revenue : Ms. Esther N. Hangal, DR ORDER PER SMT. P. MADHAVI DEVI, J.M. : This is assessee's appeal against the order of the Commissioner of Income Tax (Appeals)-4, Hyderabad, dated09-05-2018. 2. Brief facts of the case are that, assessee-company,engaged in the business of construction of residential villas/apartments, filed its return of income electronically on28-09-2013....

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....ear, there is no increase in investments when compared to the earlier year and that no part of the investment is made out of the borrowed funds and therefore, disallowance of expenditure u/s. 14A does not arise. Further, vide letter dt.11-03-2016, the assessee reiterated the above submissions and submitted that as has been done in the earlier years,0.50% of the average investments can be taken as ....

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....st. CIT(A) was not convinced with the assessee's contentions and dismissed the appeal ofassessee on the ground that none appeared for the assessee.She did not decide the appeal on merits. Assessee has thus raised the following grounds of appeal before us: "1. The Order of the learned Commissioner of Income-Tax (Appeals)-4, is erroneous and unjustifiable both in law and in facts. ....

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....ppointed date as he was out of the country. 5. Any other grounds which may be raised at the time of hearing". 4. The case was fixed for hearing on 28-11-2018, but none-appeared for assessee. We find that this issue is covered in favour of assessee. The Hon'ble Delhi High Court in the case of Cheminvest Ltd., in (2015) [378 ITR 33] (Del) and the Hon'ble Madras High Court in the ....