TMI Blog2022 (4) TMI 663X X X X Extracts X X X X X X X X Extracts X X X X ..... - I.T.A. No. 223/Kol/2021 - - - Dated:- 3-3-2022 - Sri Aby T. Varkey, Judicial Member And Sri Manish Borad, Accountant Member Sh. Manish Tiwari, FCA, appeared on behalf of the Assessee Sh. Biswanath Das, Addl. CIT, appeared on behalf of the Revenue ORDER Per Manish Borad , Accountant Member : This appeal filed by the assessee pertaining to the Assessment Year (in short AY ) 2017-18 is directed against the order of ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC) [in short ld. CIT(A) ] dated 26.05.2021 vide Appeal No. CIT(A), Kolkata-2/10228/2019- 20 which is arising out of the assessment order framed u/s 143(3) of the Income Tax Act, 1961 (in short the Act ) dated 30.09.2019 by A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in on which the assessee has already paid taxes at the rate of 15% and against the income from long term capital gain no such expenditure has been claimed. Under these given facts and circumstances, where no such expenditure has been claimed which could reduce the tax liability of the assessee, whether disallowance u/s 14A of the Act by AO is justified or not needs to be dealt with. 5. We find that this issue stands duly adjudicated by the co-ordinate Bench of Mumbai in the case of M/s. Leena Kasbekar vs. ACIT, Circle-11(2), Mumbai, ITA Nos. 5620 5621/Mum/2013 order dated 28.07.2017 and the relevant finding of the Tribunal is reproduced below: 6. We have heard both the parties and perused the material available on record. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In this case, the assessee claims that she did not incur any expenditure to earn exempt income. When the assessee claims no expenditure has been incurred to earn exempt income, the assessing officer has to establish a nexus between expenditure claimed by the assessee to the exempt income. In this case, on perusal of the details filed by the assessee, we find that the assessee has maintained separate books of account for her professional income. We further observe that the assessee has not claimed any indirect expenditure in relation to earning exempt income. On further verification of the P L Account, we find that the assessee has claimed a minimum expenditure of ₹ 3 lakhs against gross receipt of ₹ 28,25,000/- which are in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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