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TMI Blog2014 (3) TMI 286X X X X Extracts X X X X X X X X Extracts X X X X ..... tage of the exempt income can constitute a reasonable estimate for making disallowance in the years earlier to the assessment year 2008-09 – thus, the AO is directed to quantify the disallowance – Decided partly in favour of Assessee. - ITA No. 1677/Mum/2011 - - - Dated:- 26-2-2014 - Shri Rajendra And Dr. S. T. M. Pavalan,JJ. For the Appellant : Shri Rahul R. Sarda For the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eliberate. After considering the relevant records, averment in the affidavit and the medical certificate produced, we find that the assessee has explained the sufficient reasons for not filing the appeal within time. It is settled law that while condoning the delay, the court should take a lenient view. It is always a question whether the explanations and reasons for delay is bona fide or merely a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Act. Briefly stated, the relevant facts are that the assessee an individual who derives salary income, during the year under consideration, has declared interest incomes of Rs.8,55,909/- comprising exempt income of Rs.3,27,535/- and the dividend income of Rs.25,546/-. In the assessment framed u/s 143(3) of the Act, the AO disallowed an amount of Rs.2,86,901/- by invoking section 14A of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also in the case of CIT vs. M/s. Godrej Agrovet Ltd vide Income Tax Appeal No. 934 of 2011, dated 8.1.2013, has held that percentage of the exempt income can constitute a reasonable estimate for making disallowance in the years earlier to the assessment year 2008-09. The relevant portion of the said judgment of the Bombay High Court (supra) reads as under: So far as question (b) is concerned, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Hon'ble High Court. Accordingly, the issue raised in grounds No.1 to 3 stands partly allowed. 5. The other issue raised in Ground No 4 as regards the denial liability by the assessee to the levy of penal interest u/s 234A, 234B, 234C and 234D, in our view is consequential in nature and hence the same does not require adjudication. 6. In the result the appeal filed by the Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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