2023 (7) TMI 672

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....rtment : Shri M.K. Pandey, Sr. DR ORDER PER N. K. BILLAIYA, ACCOUNTANT MEMBER : - This appeal by the assessee is preferred against the order of the ld. CIT(A) - 6, Delhi dated 14.11.2018 pertaining to Assessment Year 2015-16. 2. The sum and substance of the grievance of the assessee is that the CIT(A) erred in confirming the disallowance of Rs. 23,08,947/- made by the Assessing Officer....

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.... Assessing Officer went on to compute the disallowance u/s 14A r.w.r 8D of the Act and made addition of Rs. 23,08,947/-. 6. The assessee carried the matter before the ld. CIT(A) but without any success. 7. Before us, the ld. counsel for the assessee vehemently stated that it is a settled law that the Assessing Officer has to verify the correctness of the assessee's claim that no expenses wer....

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....corded any satisfaction nor there is any finding in respect of correctness of the claim of the assessee that it has incurred NIL expenses for earning exempt income. 10. The Hon'ble Jurisdictional High Court in the case of Maxopp Investment Vs. CIT [2012] 347 ITR 272 [Delhi] had occasion to consider an identical issue and held as under: "First of all, A 0, to ascertain the correctne....

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....sessing officer is not, on the basis of objective criteria and after giving the assessee a reasonable opportunity, satisfied with the correctness of claim of the assessee, he shall have to reject the claim and state the reasons for doing so. The above judgment is affirmed by recent judgement of Apex Court in the case of Maxopp Investment Ltd. Versus Commissioner of Income Tax, New Delhi 2....