2022 (12) TMI 574

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....by : Shri Vijay Kumar, Addl. CIT, Sr. D/R ORDER PER SHRI MANISH BORAD, ACCOUNTANT MEMBER: The present appeal is directed at the instance of the assessee against the order of the National Faceless Appeal Centre (hereinafter the "ld. CIT(A)") dt. 12/03/2022, passed u/s 250 of the Income Tax Act, 1961 ("the Act'), for Assessment Year 2006-07. 2. The assessee has raised the following groun....

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....r before hearing." 3. At the outset, the ld. Counsel for the assessee referring to the decision of the Co-ordinate Bench at Rajkot in the case of Punabhai G. Pardava vs. ITO in ITA No. 219/RJT/2018, order dt. 08/06/2022, stated that in this decision, the amendment brought in by the Finance Act (No. 2) 2014 effective from 01/04/2015 made in the provisions of Section 40(a)(ia) of the Act have bee....

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.... assessing the loss at Rs.4,78,634/-. The assessee got part relief by the ld. CIT(A) but then the assessee approached the Tribunal which vide its order dt. 28/02/2019 in ITA No. 564/Kol/2018, remanded the matter back to the file of the Assessing Officer for denovo adjudication of the issue of disallowance u/s 40(a)(ia) of the Act amounting to Rs.2,85,500/-. Thereafter the ld. Assessing Officer com....

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....dated 19.7.2016 and decision of the Mumbai Bench of the Tribunal in the case of Neena Kual vs. Asstt. CIT [IT Appeal No. 1386 (Mum) of 2017, dated 21.05.2019] held that the amendment brought in by Finance Act No. 2 of 2014 restricting the disallowance u/s 40(a)(ia) of the Act to the tune of 30% of the expenses was made effective from 01/04/2015. But thereafter, clause 14.3. of the explanatory memo....