2022 (9) TMI 507

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..... 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 common order dated 28.02.2022 for A.Ys. 2003-....

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....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 the addition of Rs. 3,18,126/- made on account of disallo....

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.... 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 Officer, the assessee preferred an appeal before the CIT (Appeals), who confirmed the additio....