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TMI Blog2020 (9) TMI 530X X X X Extracts X X X X X X X X Extracts X X X X ..... Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been fi led by the assessee against the order of the ld. CIT, Faridabad dated 31.03.2014. 2. Fol lowing grounds have been raised by the assessee: "1. That having regard to facts & circumstances of the case, ld. CIT has erred in law and on facts in assuming jurisdiction u/s 263 and has further erred in making disallowance u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal before the Tribunal on 31.08.2016. 4. The ld. DR argued that this is not a fit case for condonation of delay. 5. We find that the ld. CIT-Faridabad has not given any direction to the AO as pleaded by the ld. AR in the written submission. 6. This is one of the rare cases where the ld. CIT has enhanced and modified the order passed u/s 143(3) and determined tax and interest payable in the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide reasons to prefer appeal before the ld. CIT (A) which was preferred in time, the delay in filing the appeal against the order u/s 263 is hereby condoned owing to the sequence of mystification of the orders u/s 263 dated 31.03.2014, u/s 143(3) dated 25.03.2015, u/s 250(6) dated 14.06.2016. Since, the assessee filed appeal on 31.08.2016 after passing of the order u/s 250(6), we hereby admit the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18,00,000/- yielded profit of Rs. 21,93,755/- and hence only the investments yielded exempt income should be considered for computation of disallowance under Rule 8D(2)(iii). 12. The ld. DR argued that the entire investments have to be considered as a single lot for determination of disal lowance. 13. We find that the Special Bench of ITAT Delhi in the case of ACIT Vs. Vireet Investments Pvt. L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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