2020 (9) TMI 530

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....s. Nidhi Srivastav, Sr. DR ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been fi led by the assessee against the order of the ld. CIT, Faridabad dated 31.03.2014. 2. Fol lowing grounds have been raised by the assessee: "1. That having regard to facts & circumstances of the case, ld. CIT has erred in law and on facts in assuming jurisdiction u/s 263 an....

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....y ld. CIT in order u/s 263. Then, the assessee filed appeal before the Tribunal on 31.08.2016. 4. The ld. DR argued that this is not a fit case for condonation of delay. 5. We find that the ld. CIT-Faridabad has not given any direction to the AO as pleaded by the ld. AR in the written submission. 6. This is one of the rare cases where the ld. CIT has enhanced and modified the order passed....

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.... the entire events holistically. Since, the assessee has bonafide reasons to prefer appeal before the ld. CIT (A) which was preferred in time, the delay in filing the appeal against the order u/s 263 is hereby condoned owing to the sequence of mystification of the orders u/s 263 dated 31.03.2014, u/s 143(3) dated 25.03.2015, u/s 250(6) dated 14.06.2016. Since, the assessee filed appeal on 31.08.20....

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....that out of the investment of Rs. 13,42,60,000/- only an amount of Rs. 18,00,000/- yielded profit of Rs. 21,93,755/- and hence only the investments yielded exempt income should be considered for computation of disallowance under Rule 8D(2)(iii). 12. The ld. DR argued that the entire investments have to be considered as a single lot for determination of disal lowance. 13. We find that the Spe....