2025 (8) TMI 277

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.... ld. CIT (Appeal) NFAC has passed the appellate order without providing video hearing as provided in Faceless Appeals Scheme more particularly when Appellant has stated that proper opportunity of being heard should be provided before disposing of the its appeal. 2 In law and in the facts and circumstances of the case of the Appellant, the order u/s.250 of the Income Tax Act, 1961 without considering the submissions made by appellant is bad in law and deserves to be cancelled. 3 In law and on the facts and in the circumstances of the case, the ld. CIT (Appeal) NFAC has erred in dismissing the appeal after completion of more than two and a half years from the date of last hearing of appeal. This is contrary to CBDT Instruction No. 20/20....

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....the Act for Rs. 1,92,52,863/- while computing book profits u/s.115JB of the Act when no such addition is called for. It may be deleted." 3. The assessee company is engaged in the business of trading of securities and paintings. The original return of income was filed by the assessee on 31.10.2017 declaring total loss of Rs. (-) 3,95,20,351/-. The case was selected for scrutiny and notice under Section 143(2) of the Income Tax Act, 1961 was issued and served on 09.08.2018. Notice under Section 142(1) of the Act was issued on 13.08.2019 and in response to these notices the assessee filed details. The Assessing Officer observed that during the year under consideration, the assessee has shown non-current investment of Rs. 2,35,88,11,974/- whi....

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.... the ld. AR submitted that the CIT(A) erred in upholding the disallowance of Rs. 14,51,461/- as per provisions of Section 14A read with Rule 8D of the Act when no such disallowance is required. In fact, the assessee himself has made disallowance of Rs. 1,81,31,827/-. The Ld. AR submitted that the assessee has specifically mentioned before the CIT(A) that the method of making disallowance in return of income was certified by the Tax Auditor and after due consideration of all the investments earning exempt income and direct expenses related thereof, this suo moto disallowed has been made. The Ld. AR submitted that the CIT(A) has stated in paragraph no.5.4 of the order that the assessee company has made huge investments in equity shares and mu....

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....31.03.2017 Amount as on 31.03.2016 Total investments considered by AO (235.88 crore being non-current investment as appearing in Schedule - 9 of audited annual accounts PLUS Rs. 3.16 crore being current investment appearing in Schedule - 13) (refer tabular chart appearing at page no.10 & 11 of Assessment Order) 239.04 0.08 Less: Investment in debenture of Rs. 11,200/- resulting into taxable income (separately disclosed in Schedule-9)     Less: Investment in real estate fund (separately disclosed in Schedule-9) 8.12 -- Less: Investment in partnership firm (separately disclosed in Schedule - 13) 3.16 -- Add: Diminution in value of investment in Anagram Knowledge 1.54   Amount considered by appellant for the wor....