2023 (7) TMI 1357

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..... DR ORDER PER SAKTIJIT DEY, V.P.: Captioned appeals by the assessee arise out of separate orders of learned Commissioner of Income-tax (Appeals)-30, New Delhi pertaining to assessment years 2011-12, 2012-13 and 2013-14. 2. There is delay of 101 days in filing these appeals. The assessee has filed application seeking condonation of delay by stating that due to the restrictions imposed ....

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....ssessment year 2011-12. Whereas, it had earned exempt income of Rs.50,17,110/- in assessment year 2012-13. On further verification, he found that the assessee has not disallowed any expenditure attributable to earning of exempt income in terms of section 14A of the Act read with Rule 8D. Having found that, he proceeded to compute disallowance under section 14A of the Act read with Rule 8D in the y....

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....n assets yielding exempt income. Further, he submitted, no disallowance out of interest expenditure can be made, as the assessee has not made any current investments and all the investments are carried over from earlier years. As regards disallowance of administrative expenditure under Rule 8D(2)(iii), learned counsel submitted, only those investments, which have yielded exempt income during the r....

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....)(ii) for both the assessment years under appeal. 8. As regards the disallowance made under Rule 8D(2)(iii), respectfully following the ratio laid down by ITAT Delhi, Special Bench in case of ACIT vs. Vireet Investments (P) Ltd. (2017) 58 ITR (T) 313 (Delhi-ITAT-SB), we direct the Assessing Officer to consider only those investments which have yielded exempt income during the relevant assessmen....