2023 (7) TMI 1209

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....15-16. 2. In this appeal, the assessee has raised the following grounds:- "1. In the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in not appreciating the fact that an order u/s 154 of the Income-tax Act, 1961(IT Act, 1961) dated 28.02.2020, was made by the Assessing Officer without providing an proper opportunity as per law and illegally assuming that the appellant had no objection to the addition proposed to be made. 2. In the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in not appreciating the fact that an order u/s 154 of the Income-tax Act, 1961(IT Act, 1961) dated 28.02.2020, made on a debatable issue, relating to inclusion of disallowance u/s 14A of the IT Ac....

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.... of pharmaceutical products. For the year under consideration, the assessee filed its return of income on 30/09/2015, declaring a total income of Rs. 3,95,99,830. Subsequently 20/10/2015, the assessee filed its revised return of income. The return filed by the assessee was selected for scrutiny and statutory notices under section 143(2) as well as section 142(1) of the Act were issued and served on the assessee. During the assessment proceedings, upon perusal of the details filed by the assessee, it was noticed that the assessee has made investments in the instruments from which it has received exempt income in the form of dividend amounting to Rs. 160,48,90,158, in its books of accounts. It was also noticed that the assessee had borrowed f....

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....y, the AO came to the conclusion that the same is liable for disallowance in terms of provisions of section 14A read with Rule 8D and computed the disallowance of Rs. 9,02,01,085, under section 14A and, inter-alia, added the same to the total income of the assessee under normal provisions of the Act. 4. Subsequently, vide order dated 28/02/2020, passed under section 154 of the Act the disallowance amounting to Rs. 9,02,01,185, made under section 14A read with Rule 8D was added to the book profit under section 115 JB of the Act. 5. The learned CIT(A), vide impugned order, by placing reliance upon the decision of the coordinate bench of the Tribunal in DCIT v/s Viraj Profiles Ltd (2015) 64 taxmann.com 52 dismissed the appeal filed by th....