2019 (6) TMI 605

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....12-2013. 2. The Revenue raised the following grounds of appeal: ''1. The order of the learned CIT(A) is contrary to law and facts and circumstances of the case. 2.1 The Id.CIT(A) erred in restricting the disallowance u/s 14A to the extent of exempt income of Rs. 1,14,134/- earned by the assessee though there is no such provision in Section 14A of the Income Tax Act, 1961. 2.2 The Id.CIT(A) erred in relying on the following decisions as the facts of relied on decisions are not squarely applicable to the facts of the case as there was no dividend income declared in the relied on decisions and hence the order of the CIT(A) is perverse to facts of the present case. 2.3 The Id.CIT(A) ought to have followed ....

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....estments fetching exempt income even if no exempt income is declared. 3. For these and other grounds that may be adduced at the time of hearing, it is prayed that the order of the learned CIT (A) may be set aside and that of the Assessing Officer be restored''. 3. Revenue filed this appeal with delay of forty one days. Delay is condoned. Appeal is admitted. 4. The brief facts of the case are as under: The Respondent - assessee namely M/s. XS Real Properties P. Ltd is a company incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of property development. The return of income for the assessment 2012-13 was filed on 29.09.2012 disclosing total income of Rs. 3,42,17,190/-. Against t....