TaxTMI 
TaxTMI 
2022 (7) TMI 30
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.... (Appeals), National Faceless Appeal Centre (NFAC), Delhi [in short ld. "CIT(A)"] dated 25.11.2021 arising out of the separate assessment orders framed u/s 143(3) of the Act. 2. Registry has informed that the captioned three appeals are time barred by 24 days. Condonation applications have been filed by the assessee. Perusal of the same shows that the delay was on account of COVID-19 restrictions. We, therefore, in view of the judgment of The Hon'ble Supreme Court vide Miscellaneous Application No. 21 of 2022 find that the limitation period in filing appeal between 15.03.2020 till 28.02.2022 has been excluded for calculating the limitation period in filing appeal under this period. Since the period of limitation in the course of the asse....
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....peal." Assessment Year 2014-15: "1. For that in the facts and circumstances of the case the appellate order passed was in violation of principals of natural justice hence is bad in law and be quashed. 2. For that the Learned CIT(Appeals) erred is passing the appellate order without considering the written submission filed on 26/03/2018. 3. For that the Learned CIT(Appeals) erred is passing the appellate order without giving proper opportunity of hearing to the assessee. 4. For that the Learned CIT(Appeals) erred in adding Rs.8,67,004 on account of disallowance u/s 14A of the Income Tax Act, 1961 read with section Rule 8D of the Income Tax Rules, 1962. This addition is unjustified and the same be delete....
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....njustified and the same be deleted. 6. For that the interest computed u/s 234 A/B/C of the IT Act 1961 is over charged and wrongly calculated and or is not applicable to the assessee case hence the interest be deleted and or correctly computed. 7. The appellant craves leave to produce additional evidences in terms of Rule 29 of the Income Tax (Appellate Tribunal) Rules 1963. 8. The appellant craves leave to press new, additional grounds of appeal or modify, withdraw any of the above grounds at the time of hearing of the appeal." 4. From perusal of the grounds, first, common issue relates to disallowance u/s 14A of the Act at Rs. 8,95,826/-, Rs. 8,67,004/- & Rs. 7,78,825/- for AY 2013-14 to AY 2015-16. The commo....
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....tio laid down by the Hon'ble apex Court. Ld. Counsel for the assessee also stated that interest disallowance u/s 14A of the Act in the case of the assessee is not called for as the interest free funds in the form of partner's capital available at the close of the year is sufficient to cover the alleged investments fetching exempt income. 6. Per contra ld. D/R vehemently argued supporting the orders of the lower authorities. 7. We have heard rival contentions and perused the records placed before us. The common issue raised for AY 2013-14 to AY 2015-16 relates to the disallowance u/s 14A of the Act at Rs. 8,95,826/-, Rs. 8,67,004/- & Rs. 7,78,825/- respectfully. As regards the contention of the ld. Counsel for the assessee that the all....
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....ade or otherwise increasing the liability of the assessee undersection 154, for any assessment year beginning on or before the 1st day of April, 2001.]" 8. Now, from perusal of sub-Section (2) of Section 14A of the Act, we find that the precondition to the determination of the disallowance u/s 14A of the Act As per Rule 8D prescribed under the Rules is that ld. AO with regard to the accounts of the assessee needs to satisfy that whether the claim of the assessee in respect of such expenditure in relation to the exempt income is incorrect. Only after recording proper satisfaction to this effect the ld. AO can proceed to compute the disallowance as per Rule 8D of the Rules. 9. Hon'ble apex Court in the case of Maxopp Investment Ltd. had....