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TMI Blog2019 (5) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... a, Sr.D.R. ORDER PER PRADIP KUMAR KEDIA - AM: The captioned appeal has been filed at the instance of the Assessee against the order of the CIT(A)-III, Ahmedabad ('CIT(A)' in short), dated 28.06.2013 arising in the assessment order dated 03.12.2010 passed by the Assessing Officer (AO) under S. 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2008-09. 2. The solitary issue in the capti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not to prefer the appeal before the ITAT within the stipulated limitation period. Learned AR for the assessee thus sought condonation of the delay on the strength of palpable bonafides on the part of the assessee. Considering the circumstances narrated by the AR, we are satisfied towards the existence of sufficient cause for delay in filing appeal before the Tribunal. We also observe that no prej ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sible under S. 14A of the Act. The learned AR referred to the decision of the Hon'ble Punjab & Haryana High Court in the case of CIT vs. State Bank of Patiala 393 ITR 476 (2017) (P&H) wherein it has been clearly held that disallowance under S.14A of the Act cannot exceed the amount of exempt income. The learned AR thereafter submitted that the special leave petition filed by the Revenue against th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the disallowance under s.14A of the Act cannot surpass the quantum of exempt income in view of the long line of judicial precedents prevailing in this regard including the decision referred and relied upon by the assessee in State Bank of Patiala (supra) against which the SLP of the Revenue stands dismissed by the Hon'ble supreme Court of India. Accordingly, we set aside the order of the CI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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