TMI Blog2014 (6) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no justification for rejecting the petition u/s 154 of the assessee - CIT(A)’s directions to the AO in this regard are consequential and there was no infirmity in the order of the CIT(A) – Decided against Revenue. - I.T.A. No. 5968/Del/2012 - - - Dated:- 29-5-2014 - Shri R. P. Tolani And Shri Shamim Yahya,JJ. For the Petitioner : None For the Respondent : Ms. Sumana Sen, Sr. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the assessee had earned the exempt income of Rs. 2,52,69,145/- under the head dividend and LTCG. As per the P L account the assessee has NP of Rs. 1,61,97,023/- and the expenses of Rs. 90,72,122/-. That since the assessee had earned the exempt income, the assessee himself had disallowed the business expenses of Rs. 90,72,122/- and the same was mentioned in the return as a loss. That but the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had earned exempt income and has himself disallowed the expenses which has been reflected in the return as a loss. After considering all the facts and circumstances of the case, I am of the view that the AO is not justified to treat the loss as a positive income and accordingly, the present AO(ACIT, Circle-28(1), New Delhi) is directed to examine the matter and rectify the mistake ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
