TaxTMI 
TaxTMI 
2025 (10) TMI 282
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....which the condonation petition has been moved by the assessee alongwith affidavit of Shri Subhas Chandra Aggarwalla wherein it has been stated that appellate order was not served physically on the assessee. The affidavit further states that the appellate order was passed on 6.11.2023 and was not sent on either of the official e-mails of the assessee namely [email protected], [email protected] and [email protected] and the assessee came to know about the appellate order having been passed only after assessee logged into the departmental website. Considering the contents of the condonation and the arguments of the rival parties we are quite convinced about the sufficiency and genuineness of the reasons for delay and accordi....
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....of Rs. Rs. 1,41,68,858/-. The assessee further submitted that the assessee has not used interest bearing funds for advancing interest free loans and advances and in fact interest bearing borrowed funds were utilized for giving interest bearing only too at higher rate of interest. The contention of the assessee did not found favour with the ld. AO and he computed the disallowance of interest at Rs. 2,08,45,476/- and added the same to the income of the assessee besides making disallowance of Rs. 2,24,651 u/s 14A of the Act in the assessment framed du/s 143(3) dated 30.06.2016. 05. In the appellate proceedings, the ld. CIT (A) simply dismissed the appeal of the assessee when the assessee failed to appear on the appointed date of hearing. ....
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....CIT (OSD), Circle-11, Kolkata Vs. M/s Snowtex Investment Ltd. for A.Y. 2013-14 in ITA No.236/KOL/2023 vide order dated 9th June, 2023. "5. At the outset, the ld. counsel for the assessee has invited our attention to the order of the Tribunal dated 06.11.2015 (supra) to submit that the Assessing Officer has wrongly noted that in earlier year, the Tribunal in similar facts and circumstances has confirmed the disallowance of proportionate interest expenditure in respect of interest free advances. He invited our attention to para 3 onwards of the order of the Tribunal to submit that the Tribunal after considering the entire facts and circumstances of the case has in fact confirmed the order of the CIT(A) deleting the additions made by ....
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....unds are available with the assessee to meet the investment, presumption will be that the assessee has used own interest free funds for the said investment. In view of this, we do not find any infirmity in the order of the CIT(A)." 07. Therefore, considering the facts of the assessee in the light of the above decision, we set aside the order of the ld. CIT (A) and direct the ld. AO to delete the disallowance of Rs. 2,08,45,476/-. 08. The issue raised in ground no.5 is against the confirmation of disallowance u/s 2,24,651/- by the ld. CIT (A) as made by the ld. AO u/s 14A read with section Rule 8D of the Act. 09. The facts in brief are that during the year the assessee has dividend income of Rs. 9,932/- which was claimed as exempt u....
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.... of the coordinate bench decision is extracted below:- "4. Heard rival contentions. We find that the assessee has earned only Rs. 8,669/- as dividend income during the year. Recently, the Hon'ble Delhi High Court PCIT Vs. Era Infrastructure (India) Ltd. (ITA 204/2022) judgment dt. 20/07/2022, has held that the amendment made in Section 14A of the Act by Finance Act, 2022, will be applicable prospectively and also held that disallowance u/s 14A of the Act should not exceed the exempt income earned by the assessee during the year. Therefore, since the assessee has earned exempt income of Rs. 8,669/- during the year, the disallowance u/s 14A of the Act, is restricted to the same and the remaining disallowance of Rs. 29,48,097/- is....