9911796707
TMI Blog2025 (5) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT(A) as made by the ld. AO u/s 14A read with Rule 8D of the Income Tax Rules, 1963. 04. The facts in brief are that during the year the assessee has earned exempt income of Rs. 3,929/- by way of dividend income which was claimed as exempt income. In the computation of income, the assessee suo moto disallowed Rs. 13,355/- as expenditure incurred in relation to earning of exempt income. The ld. AO was not satisfied with the said disallowances and made the disallowance u/s 14A read with rule 8D of the Rules at Rs. 4,03,502/-, which was deleted by the ld. CIT(A). 05. In the appellate proceedings, the claim of the assessee is that the suo moto disallowance was made by the assessee of Rs. 13,355/- should be curtailed to Rs. 3929/- in vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in nature and hence, would be effective prospectively. In other words, the ld. Counsel for the assessee stated that the said provisions have no applicability in the instant assessment year and no addition on account of notional rental value of flats held as stock-in-trade by the assessee could be made by the ld. AO. The case of the assessee is squarely covered by the decision of co-ordinate Bench in the case of Tata Housing Development Company Ltd. Vs. PCIT in ITA No. 3492 & 3493/MUM/2019 vide order dated 28.09.2020 for A.Ys. 2015-16 & 2014-15 respectively, wherein the case,under similar facts and circumstances, has been decided in favour of the assessee. Accordingly, the ground is allowed and the ld. AO is directed to delete the addition. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT(A) confirmed the order of the ld. AO on the ground that the segmental accounts of the assessee were not reliable and basis of allocation of interest was done in manner to reduce the taxable income. 10. We note from the facts on record that during the year the assessee has earned interest income to the tune of Rs. 3,65,41,376/-, which were credited to the P&L account under the head other income as per details below:- Particulars Amount (Rs.) From bank deposits 1,11,673 From loans 3,65,41,376 Others - Dividend Income on long term investment of other entities (non-trade) 3,929 Dividend Income on long term investment of other entities (trade) - Profit on sale of tangible assets (Net) 34,146 Liability to longer required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... astructure development expenses, repairs to building and repairs to others. The ld. AO on the basis of the said details furnished by the assessee noted that the assessee had paid Rs. 1,30,78,197/- to M/s Bright Construction towards construction and other expenses as per the details below:- "1. Construction Contractors Charges Rs. 30,30,090/- 2. Infrastructure Development Expenses Rs. 3,60,907/- 3. Repairs to Building Rs. 82,95,075/- 4. Repairs to Others Rs. 13,92,125/- Total Rs. 1,30,7,197/-" 14. The ld. AO,for independent verification of the transactions, issued notice u/s 133(6) of the Act to some parties including M/s Bright Construction which were replied. M/s Bright Construction stated that it had received Rs. 64 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
