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TMI Blog2024 (7) TMI 1484X X X X Extracts X X X X X X X X Extracts X X X X ..... R ORDER PER RAJESH KUMAR, AM: This is an appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi dated 28.12.2023 for the AY 2017-18. 2. The only issue raised in the various grounds of appeal is against the confirmation of addition of Rs. 28,93,440/- by the Ld. CIT(A) as made by the AO u/s 14A of the Act. 3. Facts in brief are that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 142(1) of the Act. Thereafter the AO after referring to the show cause notice issued to the assessee wherein it was show caused as to why income on the total investment in the ITR should not be computed @1% and added to the income of the assessee as the assessee has failed to comply with the notice u/s 142(1) of the Act. Finally the AO added the sum of Rs. 28,93,440/ to the income of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asoned basis and not merely on the basis of conjectures, surmises and presumptions. Even if it is presumed to be disallowance in terms of section 14A of the Act but the same is not applicable as the assessee has derived any income by way dividend or otherwise from these investments. In the appellate proceedings the Ld. CIT(A) dismissed the appeal of the assessee without taking into account the wri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere is no exempt income earned during the year. We note that the Ld. CIT(A) has failed to consider the submissions made by the assessee and dismissed the appeal in a very casual manner. Having perused the facts on record and taking into account the rival contentions, we are of the view that addition confirmed by the Ld. CIT(A) is not justified and cannot be sustained. In view of the fact that no d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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