TaxTMI 
TaxTMI 
2026 (8) TMI 1637
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....reinafter referred to as "the Act") whereby the Learned CIT(A) had partly allowed the appeal against the Assessment Order, dated 28/12/2018, passed under Section 143(3) of the Act for the Assessment Year 2016-2017. 2. The Assessee has raised following grounds of appeal: 1. On the facts and in the circumstances of the appellant company's case and in law, the Learned Commissioner of Income Tax (Appeal) erred in not quashing the assessment order passed by the Assessing Officer u/s 143(3) of the Income Tax Act, 1961. 2. On the facts and the circumstances of the appellant company's case and in law, the Learned Commissioner of Income Tax (Appeal) erred in upholding the addition of Rs 65,96,95,068/- made by the Assessi....
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....at no exempt income has been earned by the appellant company during the assessment year 2016-17. 6. On the facts and the circumstances of the appellant company's case and in law, the Learned Commissioner of Income Tax (Appeal) erred in upholding the disallowance of expenditure of Rs. 6,63,28,732/- u/s 14A of the Act despite the fact that the appellant company had surplus non-interest bearing funds to invest in the units of mutual funds. 7. On the facts and the circumstances of the appellant company's case and in law, the Learned Commissioner of Income Tax (Appeal) erred in upholding the addition of Rs 6,63,28,732/- u/s 14A r.w.r 8D to the net profit of the appellant company to arrive at book profits u/s 115JB of th....
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....b) Disallowance of INR.6,63,28,732/- under Section 14A of the Act 4. Being aggrieved, the Assessee challenged the above additions/disallowance made by the Assessing Officer in appeal before the Learned CIT(A). Before the Learned CIT(A), the Assessee contended that no disallowance could have been made under Section 14A of the Act since no exempt income was earned by the Assessee during the relevant previous year. In relation to the disallowance of interest expenses the Assessee contended that the Assessee had incurred total interest expenses of INR.62,97,76,773/- on term loan and INR.2,99,18,295/- on bank overdraft facility. Accordingly, thus total interest expenses of INR.65,96,95,068/- were incurred during the relevant previous year, an....
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....onfirmed the disallowance without considering the Financial Statements and Bank Account Statement furnished by the Assessee. 10. On perusal of the material on record we are of the view that from the said material it cannot be verified or established that the aggregate interest expenses of INR.65,96,95,068/- were incurred during the relevant previous year and the same were also paid before the due date of filing return of income. The ledger accounts/documents placed on record by the Assessee provide for a consolidated figure. Reliance placed by the Learned Authorised Representative for the Assessee on the Bank Statement [placed at pages 46 to 141 of the paper-book] and the Financial Statements [at pages 5 to 28 of the paper-book] do not a....