2021 (5) TMI 727

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.... Government of Gujarat. Assessment u/s. 143(3) of the Act for the year under consideration was finalized on 22nd December, 2017 and total loss of the assessee company was determined at Rs. 24,96,06,671/- and book profit u/s. 115JB of the Act was assessed at Rs. 10,82,26,7518/-. The remaining facts pertaining to the issues contested in the grounds of appeal are discussed while adjudicating these grounds of appeal follows as under:- Ground No. 1 (Disallowance u/s. 14A of Rs. 57,07,020/-) 3. During the course of assessment, the Assessing Officer noticed that assessee has received dividend income of Rs. 1,24,45,228/- and it has disallowed an amount of Rs. 1 lacs as expenditure incurred for earning such exempt income. The Assessing Officer....

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.... case of assessee itself in its favour vide ITA No. 232/Ahd/2017 A.Y. 2014-15 dated 20th Sep, 2019. The Ld. Departmental Representative is fair enough not to controvert this undisputed fact that the issue is covered in favour of the assessee. With the assistance of ld. representatives, we have gone through the decision of ITAT in the case of assessee itself on the issue of disallowance made u/s. 14A adjudicated vide ITA No. 2332/Ahd/2017 as cited above. The relevant part of the decision as cited above of the COordinate bench is produced as under:- "6. We further find that this particular issue has also been dealt with in ITA No. 1928/Ahd/2016 for A.Y. 2012-13. The relevant portion whereof is as follows:- "29. Ground No. 1T....

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.... the identical issue has already been considered by the Co-ordinate Bench in favour of the assessee we found no reason to observe otherwise and hence in the absence of any changed circumstances respectfully relying upon the same we delete the addition made by the authorities below." Following the decision of Co-ordinate Bench as elaborated above on similar issue on identical facts, this ground of appeal of the assessee is allowed. Ground No.2 (Addition on account of interest u/s. 244A to the amount of Rs. 30,00,964/-) 6. During the course of assessment, the Assessing Officer pointed out that assessee has not filed specific clarification with regard to the receipt of interest u/s. 244A as shown in the ITS details. The Assessing Offi....