2021 (11) TMI 1081

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....r Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year (AY) 2013-14 arises out of the order the Ld. Commissioner of Income Tax (Appeals)-7, Kolkata [CIT(A)] dated 26/11/2019 in the matter of assessment framed by learned Assessing Officer (AO) u/s.143(3) of the Income-tax Act, 1961 on 21/01/2016. 2. The registry has noted a delay of 214 days in the appeal, the condonat....

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....ted the assessment framed by Ld. AO. After due consideration, our adjudication would be as under. 4. An assessment was framed for the year wherein Ld. AO made disallowance u/s 14A for Rs.16.73 Crores. Another addition of Rs.2.26 Lacs was made u/s. 43B(b) for non-payment of Employer's contribution to gratuity fund. 5. Disallowance u/s 14A 5.1 The assessee earned exempt dividend income of Rs.2....

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....ons. Firstly, the suo-moto disallowance as offered by the assessee was more than the exempt income. Secondly, as per settled legal position, only those investments were to be considered which had actually yielded any exempt income during the year. The suo-moto disallowance offered by the assessee was in accordance with law. Therefore, finding no reason to interfere in the impugned order on this is....