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2015 (10) TMI 2778 - AT - Income TaxDisallowance on tax free investment u/s 14A rw. rule 8D - HELD THAT:- It is true that Rule 8D is not applicable for assessment year 2007-08. To the above extent, the Ld. CIT(A) is absolutely correct. We set aside the findings of the Ld. CIT(A) on this issue and remand the matter to CIT(A) with the direct ion to decide the same afresh keeping in view the observations of the Hon'ble Bombay High Court in the case of Godrej and Boyce Manufacturing. Co. Ltd Vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT]. The CIT(A) shall provide an opportunity of being heard to the assessee in the matter. For statistical purposes, the ground No.1 of the appeal is allowed. Disallowing the claim of the assessee u/s 80IC on job work - Whether income from job charges cannot be treated to have been derived by the undertaking by manufacturing or producing any article or thing not prohibited by 13th Schedule - HELD THAT:- We by our order of even date in the case of ACIT Vs. M/s Cremica Agro Foods Pvt Ltd., Ludhiana [ 2015 (10) TMI 2703 - ITAT CHANDIGARH] have set aside the order of CIT(A) and remanded the identical issues to the file of the CIT(A) for a fresh decision in accordance with law. For the detailed reasons given therein, we set aside the order of CIT(A) and remand the issues to the file of CIT(A) with a direction to decide the same afresh in accordance with law after affording due and reasonable opportunity of being heard to the assessee. Investments in shares and mutual funds which was exempt u/s 10(34) - HELD THAT:- It is apparent from the order of the CIT(A) that assessee earned dividend income of ₹ 53,11,447/- which was claimed exempt u/s 10(34) & 10(35) of the Act, during the course of assessment proceedings. It was shown as taxable in the return of income as the assessment has been made u/s 115JB, it did not affect any taxability of the income. Considering the entire facts and circumstances of the present case, we are satisfied that the assessee was prevented by sufficient cause from filing the present appeal. At the same time, it is also well settled law that length of delay is not to matter in the context of condonation of delay. The jurisdiction to condone delay should be exercised liberally. The matter relating to Condonation of Delay should be judged broadly and not in a pedantic manner. In the case of Collector, Land Acquisition Vs. Mst. Katji [1987 (2) TMI 61 - SUPREME COURT] the Hon'ble Supreme Court held that when substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred, for the other side cannot claim to have vested right in injustice being done because of non-deliberate delay. It is also well settled that ordinarily, a litigant does not stand to benefit by lodging an appeal late. In fact, he runs a serious risk. In view of the above, we condone the delay in filing the appeal. Since we have restored the main issue to the CIT(A) and, therefore, we think it appropriate to remand this issue also to the CIT(A) with the direction to consider the content ion of the assessee and dispose of the same in accordance with law.
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