2025 (2) TMI 1618

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....r of the Authorities below, in so far as these are against the assessee, is opposed to law, weight of the evidence, probabilities, facts and circumstances of the Appellant's case. - 2 The appellant denies himself to be liable to be assessed on a total income of Rs. 15,07,47,533/- as against returned income of Rs. 14,88,21,030/- as per the facts and circumstances of the case. - 3 A. The learned authorities have erred in disallowing Rs. 2,08,898/- being the difference between the actual fire loss incurred by the appellant and the loss estimated by the insurance company. Rs. 81,538/-   B. The learned authorities failed to appreciate that the appellant's premises were partially damaged by fire, and the lo....

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....n an erroneous disallowance.   5. A. The learned authorities erred in disallowing Rs. 17,06,204/- on account of belated remittance of Employees' contribution towards ESI and PF. Rs. 6,65,973/-   B. The learned authorities did not make up their mind as to what exactly the disallowance of Rs. 17,06,204/- pertains to since it is mentioned that it pertains to interest on delayed payment of taxes while discussing the disallowance and then belated remittance of Employees' contribution towards ESI and PF in the disallowance table.     C. The learned authorities failed to appreciate that none of the expenditure claimed is in the nature of penalty and interest on delay, if any, is compensatory i....

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....urther, it was observed that assessee has claimed interest on delayed payment of taxes / prior period taxes of Rs. 80,06,802 and out of the above the assessee has itself disallowed Rs. 41,81,745. But the assessee has not disallowed the interest on delayed payments. Further it was also noted that a sum of Rs. 70,06,204 includes interest on delayed payment of taxes, VAT write off pertaining to prior period. Hence these are not allowable in the current year as per section 37 of the Act. Accordingly there was a total disallowance of Rs. 19,26,502 and assessment was completed. Aggrieved from the above order, the assessee filed appeal before the CIT(Appeals). 4. The ld. CIT(Appeals) after considering the detailed submissions dismissed the appe....

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.... the order of the lower authorities and submitted that in respect of insurance loss the assessee is unable to produce requisite details for the difference amount claimed as a loss. Therefore, the lower authorities have restricted the claim as approved by the insurance authority. Further in the case of disallowance u/s. 14A, the ld. DR submitted that the amendment made in section 14A r.w. CBDT Circular No.5/2014 is applicable to the assessee and in support of the argument she relied on the judgment of Hon'ble Apex Court in the case of Sree Shankaracharya University of Sanskrit v. Dr. Manu in C.A. No.3752 of 2023 dated 16.5.2023 and further submitted that the ratio of this judgment is very much applicable to the present facts of the assessee'....