TMI Blog2019 (5) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... g line of judicial precedents prevailing in this regard including the decision referred and relied upon by the assessee in State Bank of Patiala [ 2017 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT] against which the SLP of the Revenue stands dismissed by the Hon ble supreme Court of India [ 2018 (10) TMI 509 - SC ORDER]. Accordingly, we set aside the order of the CIT(A) in this regard and dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 03.12.2010 passed by the Assessing Officer (AO) under S. 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2008-09. 2. The solitary issue in the captioned appeal agitated by the assessee is towards disallowance of interest amounting to ₹ 11,47,958/- computed in terms of Rule 8D(2)(ii) under the umbrella of Section 14A of the Act confirmed in an ex parte order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee. Considering the circumstances narrated by the AR, we are satisfied towards the existence of sufficient cause for delay in filing appeal before the Tribunal. We also observe that no prejudice will be caused to the Revenue by such condonation per se as the issue involved is prima facie legal in nature and can be adjudicated on the basis of assertions made in the orders of the Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 476 (2017) (P H) wherein it has been clearly held that disallowance under S.14A of the Act cannot exceed the amount of exempt income. The learned AR thereafter submitted that the special leave petition filed by the Revenue against the aforesaid decision of the Hon ble Gujarat High Court was dismissed on merits by the Hon ble Supreme Court in SLP (civil) Diary No(s). 24323/2018 dated 08.10.2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... precedents prevailing in this regard including the decision referred and relied upon by the assessee in State Bank of Patiala (supra) against which the SLP of the Revenue stands dismissed by the Hon ble supreme Court of India. Accordingly, we set aside the order of the CIT(A) in this regard and direct the AO to restrict the disallowance to the extent of the exempt income. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
