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2022 (10) TMI 29 - ITAT DELHIDisallowance u/s 14A r.w.r. 8D - suo moto disallowance made by assessee - HELD THAT:- There is force in the contention of the ld counsel that only those investment are required to be considered for the purpose of the calculation under Rule 8D, which had yielded the exempt income. In the present case the dividend income is received in investment in subsidiary companies only as is evident - The provision for investments is certainly not considerable for computing average value of investment which yielded the exempt income during the year. Apart from this there is also substance in the contention of Assessee that the AO had failed to record satisfaction before making any disallowance beyond the suo moto disallowance. At the same time the Assessee's own funds are established to be more than the value of investments yielding exempt income. CIT(A) has failed to appreciate the aforesaid contention. Accordingly, ground is sustained in favour of the Assessee. Valuation of land - Admission of the additional evidence of the Assessee u/s 250(4) - HELD THAT:- Once the ld CIT(A) has admitted the valuation report in regard 313 sq mts. of land, then it was not justified to uphold addition in regard 313 sq mts of land on basis that Assessee had failed to furnish the same before the AO. Thus, it is fit case to transmit back the issue to the ld CIT(A) to take into consideration the valuation report in respect of 313 sq mts of land and determine the issue again. The ground is decided in favour of the Assessee for statistical purposes.
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