2021 (3) TMI 624

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....for the assessment year 2011-12 passed u/s. 250 of the Income-tax Act, 1961 ( hereinafter, referred to as the 'Áct') 2. There was a delay of 07 days in filing this Revenue's appeal. After perusing the petition for condonation of delay, we are convinced that the Revenue was prevented by sufficient cause from filing this appeal in time before this Tribunal. Thus, we condone the delay and admit this appeal. We have heard Shri Mithilesh Kr. Jha, CIT, Ld.DR and Priyanka Salapuria, Ld. Counsel for the assessee. 3. On a careful consideration of the facts and circumstances of the case and perusal of the papers on record and the orders of the authorities below we hold as follows:- 4. We first take up the revenue's appeal-ITA No. 2....

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....r:- 1. For that the order dated 29th August, 2019 passed by Ld. Commissioner of Income Tax (Appeals)-2, Kolkata u/s. 250 of the Income Tax Act, 1961 ( "the Act") is against the principle of natural justice and bad in law. 2.(a) For that the Ld. Commissioner of Income Tax (Appeals) erred in confirming the calculation with regard to disallowance of expenses under Rule 8d(2)(i) made by the Assessing Officer in the Order under section 143(3) of the Act. (b) For that on the facts and in circumstances of the case, the order passed by the Ld. Commissioner of Income Tax (Appeals) did not mention about considering the net interest expenses while calculating the disallowance under Rule 8D(2)(ii) ignoring the fact that this ....

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.... assessee has submitted that the Ld. AO made this disallowance without any calculation and without any basis. On an examination of facts, we find that the Ld. AO made the disallowance, based on Tax Audit Report. Thus, we uphold the order of the Ld. CIT(A) on this issue and dismiss ground no. 2(a) of assessee's appeal. 10. Vide Ground no. 2(b) the assessee seeks direction from the Bench that net interest expenditure should be considered while calculating the disallowance made under Rule 8D(2)(ii) of the I.T Rules, 1962. Ms. Priyanka Salapuria, Ld. Counsel for the assessee has not submitted any calculation or other information in support of this ground. The Ld. AO at page-3 held that interest on borrowing obtained for specific purposes is ....