TMI Blog2020 (9) TMI 530X X X X Extracts X X X X X X X X Extracts X X X X ..... or computing the average value of investment which have yielded exempt income during the year. Following the said judgment, we hereby hold that interests of justice would be well served by computing the disallowance @ 0.5% on the average investment of ₹ 18,00,000/- (opening balance Nil) made in M/s Lakshaya Investment only which has yielded the profits. In the result, the disallowance dete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any case and in any view of the matter, order passed u/s 263 and disallowance u/s 14A at ₹ 6,71,300/- is bad in law and against the facts and circumstances of the case. 3. The appeal has been fi led with a delay of 808 days. It was submitted that in the revision order passed u/s 263, direction was given by ld. CIT- Faridabad to the AO pursuant to which assessment order was passed u/s 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eipt of the order u/s 263, the AO has again initiated proceedings u/s 143(3) and consequently the procedure under the Act have been duly followed bringing the same amount to tax which has already stands modified by the ld. CIT in order u/s 263. The ld. CIT (A) denied to entertain the appeal fi led by the assessee against the order u/s 143(3) on the grounds that the appeal before him is not maintai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lay condoned. 9. Brief facts of the case are that the assessee company efiled its return of income on 22.10.2009 declaring total income of ₹ 1,30,96,002/-. The case was selected for scrutiny under CASS. After issue of statutory notices and hearings, the returned income was accepted u/s 143(3) of the Income Tax Act, 1961 on 28.12.2011 by ACIT Circle-1(1), Gurgaon. 10. Subsequently, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Ltd. [2017 (6) TMI 1124] authored by a Member of this Bench held that only those investments are to be considered for computing the average value of investment which have yielded exempt income during the year. Following the said judgment, we hereby hold that interests of justice would be well served by computing the disallowance @ 0.5% on the average investment of ₹ 18,00,000/- (opening b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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