2022 (9) TMI 507

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....PELLANT ORDER PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA 1. This appeal is preferred under section 260A of the Income Tax Act, 1961 [for short 'the Act, 1961'] by the revenue feeling aggrieved by the order dated 28.02.2022 passed by the Income Tax Appellate Tribunal, "D" Bench, Ahmedabad [for short 'the Tribunal'] in ITA No. 644/Ahd/2010 for A.Y. 2007-08. 2. The Tribunal passed a co....

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....total income and in the instant case the assessee claimed that no expenditure has been incurred for earning the exempt income of Rs. 1,37,42,786/- and accordingly the provisions of section 14A(2) of the I.T. Act is applicable in the case of the assessee for the A.Y. 2007-08? (b)Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in deleting ....

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....f total assets Rs. 1,90,438/- Interest disallowable Rs. 34,52,120/- ½% of average of average value of exempted investment Rs. 8,92,398/- Total disallowance Rs. 43,44,517/- 4. The Assessing Officer also disallowed depreciation of Rs. 3,18,126/- claimed by the assessee on Managing Director's residence. 5. Being aggrieved by the order passed by the Assessing Offi....