2017 (11) TMI 1880

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....circumstances of the case and in law, the learned CIT(A) erred both in facts and in law in sustaining the disallowance made by A.O. under section 14A of the Income Tax Act, 1961. 1.2 Your appellant craves leave to add to, amend, alter, delete and/or modify the above ground of appeal on or before the final date of hearing of this appeal petition. 2. Brief facts of the case are that the assessee-company is engaged in the business of running retail store/outlets in various big cities across the country, filed its return of income for relevant AY on 27.09.2012 declaring total income of Rs. 78,50,58,330/-. The assessment was completed on 23.03.2005 under section 143(3) of the Act. The Assessing Officer (AO) while passing the assessment order ....

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....78/Mum/2011, and assessee's own case for AY 2008-09 vide ITA No. 1753/Mum/2012. On the other hand, the ld. DR for the Revenue supported the order of authorities below. 4. We have considered the rival submission of the parties and have gone through the orders of authorities below. We have seen that the assessee has no exempt income during the period relevant to the assessment year under consideration. The assessee has not made any investment during the year under consideration. There is no dispute that all investment has been made in the subsidiaries companies as strategic investment so as to get controlling interest in such subsidiaries. The Hon'ble Delhi High Court in case of Cheminvestment Ltd. Vs. CIT reported in 378 ITR 272 (Del), held....