TaxTMI 
TaxTMI 
2022 (6) TMI 410
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....961 (in short 'the Act') dated 12.02.2015 for assessment year 2012-13. 2. Before us the assessee has assailed the impugned order on the following grounds of appeal: "1. On the facts and circumstances of the case, the Learned CIT(A) has erred in passing order without giving a last notice to the appellant before passing the order and passed the order ex-parte on 28.02.2018 by mentioning in order that notices issued in Jan-Feb, 2016 were non complied i.e. after two year. The order passed by the CIT(A) is against the principle of natural justice and unjustified, unwarranted, and uncalled for. 2. On the facts and in the circumstances of the case, the Learned CIT(A) has erred in sustaining the order of the AO where in the AO has erre....
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....to bills, vouchers and other supporting documentary evidence by the assessing officer. The assessee was asked to furnish the comparative chart of gross profit and net profit ratio for the year under consideration and immediate two preceding years. In this regard, the assessee has explained that the profits are not comparable from immediate preceding year since during the year under consideration the assessee is having huge loss due to some dispute among the stack holder and litigation is sale of flats. The assessee has also explained the reason of huge loss,. In the course of verification and perusal of the balance sheet of the assessee company shows that an amount of Rs. 3.37,40,950/- is invested in shares of various companies. The assesse....
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.... the provision of Sec. 43B. Accordingly the same is added to the total income." 5. Au contraire, the Ld. DR supported the orders of the lower tax authority and the conviction of Ld. CIT(A) and also stated that the assessee has parked interest bearing fund in the shares of the company and the even the share capital and reserve and surplus of the assessee is not sufficient. He has also submitted that since the issue of the investment of own fund and borrowed fund is required to be verified there the matter be set-a-side to decide the amount to be added under section 14A r.w.r. 8D. 6. We have heard both the parties, perused the orders of the lower authorities and the material available on record, as well as considered the judicial pronouncem....
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....gistics Pvt. Ltd. (2018) 257 Taxmann 2 (SC) and also of the Hon'ble High Court of Delhi in the case of Cheminvest Limited Vs. CIT, (2015) 378 ITR 33 (Delhi). Backed by the aforesaid judicial pronouncements, it was submitted by the Ld. AR that as per the settled position of law no disallowance u/s.14A in absence of any exempt income could have been made in the hands of the assessee. In the backdrop of the facts involved in the case before us read with the aforesaid settled position of law we find substance in the claim of the Ld. AR that now when the assessee company had not received any exempt dividend income during the year under consideration, therefore, no disallowance u/s.14A of the Act was warranted in its case. We, thus, in terms of o....