2023 (8) TMI 433

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.... For the Revenue : Shri Vijay Kumar, Addl. CIT ORDER PER DR. MANISH BORAD, ACCOUNTANT MEMBER:- This appeal at the instance of assessee for assessment year 2016-17 is directed against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 30.01.2023, which is arising out of the order under section 143(3) of the Income Tax Act on 19.12.20....

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....rch and seizure operation was conducted under section 132(1) by the Directorate of Income Tax (Investigation), Gauhati in Adhunik Cement Group on 11.03.2016. On the basis of the return and copy of accounts and materials collected during the course of assessment proceedings, the total income of the assessee was determined at Rs. 5,83,709/- inter alia making the disallowance of a sum of Rs. 5,83,709....

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....expenditure attributable to tax-free anticipated income deserves to be disallowed under section 14A read with Rule 8D of the Income Tax Act. He has observed that though in this year, the assessee has no tax-free income but in future years it will earn some income. Hence he calculated the disallowance. 5. On due conside ration of the above facts and circumstances, we are of the view that this vi....