TMI Blog2022 (9) TMI 787X X X X Extracts X X X X X X X X Extracts X X X X ..... dered by the Hon ble Delhi High Court [ 2022 (7) TMI 1093 - DELHI HIGH COURT ] which is later judgment on the same issue. Therefore, we are allowing the appeal of the assessee subject to para No.10 of the said judgment of Hon ble Delhi High Court in the case of M/s Era Infrastructure (India) Ltd. cited supra which reads as under:- Accordingly, the appeal and application are dismissed. However, it is clarified that the order passed in the present appeal shall abide by the final decision of Supreme Court in the SLP filed in the case of PCIT Vs. IL FS Energy Development Company Ltd. [ 2018 (5) TMI 2126 - SC ORDER ], We allow the appeal of the assessee by following the decision of the Hon ble Delhi High Court Judgment cited supra. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tself liable to be charged to interest u/s. 234-Bof the Act, which under the facts and in the circumstances of the appellant's case and the same deserves to be cancelled. 4. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs. 2. There is delay of days in filing the appeal before this Tribunal. The assessee has explained the reason for the delay. 3. We have heard the rival submission of both the parties and after pursing of the materials placed before us and we are satis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot satisfied and calculated disallowance of Rs.81,67,657/ after applying sec.14A r.w.r 8D. 5. Aggrieved from the order of the AO, the assessee filed appeal before the CIT(A) and he also filed written submission along with case law. But the CIT(A) after relying on some case law upheld the action of the AO and dismissed the appeal of the assessee. 6. Aggrieved from the order of the CIT(A), the assessee filed appeal before the ITAT. 7. The ld.AR retreated the submission made before the lower authorities and further submitted that the addition cannot be more than the exempt income received by the assessee during the impugned assessment year. The AO was not justified to calculate the disallowance u/s 14A r.w.r 8D to the extent of Rs.81, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered in detail applying various judgments and came to conclusion that the amended is retrospective in nature. 9. We have heard the rival submissions and perused the materials available on record and order of the lower authorities below that the assessee has received exempt income to the tune of Rs.6,22,816/- from the mutual funds which is exempt under income tax and there is finance cost of Rs.2 crores. The AO has calculated the disallowance of Rs.81,67,657/-. We found substance in the submission of ld.AR that the disallowance cannot be exceed more than the exempt income received during the year as per the decision of Hon ble jurisdictional High Court in the case of Pragathi Krishna Gramina Bank cited supra 10. However, both par ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
