2023 (11) TMI 1406

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....P: This appeal by the assessee arises out of the order dated 30-08-2023 passed by the ld. CIT (A) in National Faceless Appeal Centre (NFAC), Delhi u/s. 250 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2017-18. 2. The only issue raised in this appeal is against the confirmation of disallowance of Rs. 17,52,720/- made by the Assessing ....

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....rd any satisfaction and hence disallowance u/s. 14A should be deleted. In this regard, it is observed that the assessee did not offer any disallowance despite earning exemption income from the shares and securities. The AO in para 4 had recorded satisfaction that the assessee made substantial investment in shares of the company but did not offer any disallowance. 5. Be that as it may, it is fou....

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...., it will have to record its satisfaction to this effect. Further, while recording such a satisfaction, nature of loan taken by the assessee for purchasing the shares/making the investment in shares is to be examined by the AO. 6. It is palpable from the judgment of the Hon'ble Summit Court that: "It will be in those cases where the assessee in his return has himself apportioned but the AO ....

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....quirement as laid down by the Hon'ble Supreme Court in the case of Maxopp Investments Ltd., I am convinced that the ld. AR's contention on this aspect deserves not to be accepted. Similar view has been taken by the Pune Tribunal in several cases and the Delhi Tribunal in Excel Infotech Ltd. vs. DCIT in ITA Nos. 3492 to 3494/Del/2014 vide its order dated 25.4.2018. I order accordingly. ....