TaxTMI 
TaxTMI 
2024 (9) TMI 1754
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....the Income-tax Act, 1961 (in short, 'the Act') for A.Y. 2018-19. The impugned order was emanated from the order of the Learned National e-Assessment Centre, Delhi, (hereinafter 'Ld.AO') passed under section 143(3) read with section 144B of the Act, date of order 22/04/2021. 2. The revenue has taken the following grounds of appeal: - "i. Whether on the facts and circumstances and in law the Ld. CIT (A) was justified in not considering that amended provisions of the Finance Act 2022, section 14A shall apply to a case irrespective of whether exempt income has accrued or received during the previous year relevant to an assessment year and expenditure has been incurred during the said previous year in relation to such exempt income? ....
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....mpugned assessment year, the assessee invested in current and non-current assets and earned the dividend amount to Rs. 76,21,48,735/- and claimed exemption under section 10(34) and 10(35) of the Act. The assessee during filing of return measly sum of Rs. 42,31,712/- is offered to tax under section 14A read with rule 8D of the Income-tax Rules, 1962. The assessee briefly declared that the dividend earned from the non-current investment was to finally accepted that the dividend earned mostly from the stock in trade. The assessee invested Rs. 2657 crores in current,non-current and stock in trade for earning the dividend income from equity and from mutual fund. The assessee has a noninterest bearing fund of Rs. 838 crores. I....
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....average of both the investments which comes out to Rs. 24,43,585/-. The assessee already declared Rs. 42,31,712/-. Finally, the ld. CIT(A) restricted the disallowance on account of section 14A read with rule 8D amount to Rs. 17,88,127/-. Related to violation of section 94(7), the ld. CIT(A) had accepted the details of the assessee and deleted the addition. Being aggrieved on the appeal order, the revenue filed an appeal before us. In this context, the assessee filed a cross objection before the Bench. 4. The ld. DR vehemently argued and mentioned that during calculation of annual monthly average, the ld. CIT(A) had not added the value of the closing stock. So, the disallowance is reduced to less than the disallowance made ....
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....the recorded date is the date of purchase, but related to verification before the ld.AO, the ld.AR accepted that the Ld.AO has not got the opportunity for verification. 6. We heard the rival submission and considered the documents available in the record. During the hearing, the ld. DR respectfully relied on the order of the coordinate bench of the ITAT, Gauhati Bench in the case of ACIT vs Williamson Financial Services Ltd (2022) 140 taxmann.com 164 (Gau. Trib). The ld. DR argued that the Finance Act amended the Finance Ac, 2022 amended section 14A with effect from 01/04/2022 provided that provisions shall apply whether or not exempt income has accrued, arisen or received, is clarificatory in nature and thus applicable retrospectively. ....
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....ken by the earlier order of the Tribunal, which is not entertained by this court in appeal. This without even as much as a whisper of any explanation with regard to how and why the facts of the two cases are different warranting a view different from that taken by the Tribunal earlier. In fact when an appeal is not entertained then the order of the Tribunal holds the field and the coordinate benches of the Tribunal are obliged to follow the same unless there is some difference in the facts or law applicable and the difference in fact and / or law should be reflected in its order taking a different view. Moreover, the impugned order of the Tribunal places reliance upon the decision of this Court in Godrej and Boyce Manufacturing Co. Ltd.(sup....
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....R 33 (Delhi). 10. Accordingly, the appeal and application are dismissed. However, it is clarified that the order passed in the present appeal shall abide by the final decision of the Supreme Court in the SLP filed in the case of IL & FS Energy Development Co. Ltd. (supra)." Considering the above discussion, we are not interfering in the impugned appeal order in the application of section 14A. The grounds of the revenue in this issue are failed. 6.1. Considering the violation of section 94(7), the reasonable opportunity for verification was denied to the ld. AO during the appeal hearing. We consider the prayer of the ld. DR. We remit the matter to the file of the ld. AO with following direction that the assessee is allowed to pro....