9911796707
TMI Blog2021 (5) TMI 720X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax (Appeals) - 15, Chennai dated 29.06.2018 in I.T.A.No.517/2016-17//CIT(A)-15 for the above mentioned Assessment Year is contrary to law, facts, and in the circumstances of the case. 2. The CIT (Appeals) erred in sustaining the disallowance of notional expenses aggregating to Rs. 2,49,84,018/- (Rs. 2,51, 76,518 - Rs. 1,92,500) for maintaining tax free portfolio/for earning tax free income to the extent of Rs,3,74,62,711/- on the application of section 14A of the Act read with Rule 8D of the Income Tax Rules, 1962 in the computation of taxable total income without assigning proper reasons and justification. 3. The CIT (Appeals) failed to appreciate that the provisions of section 14A of the Act had no application to the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g, erroneous, unjustified, incorrect and not sustainable in law. 7. The CIT (Appeals) went wrong in recording the findings in this regard from para 4.3 of the impugned order without assigning proper reasons and justification. 8. The CIT (Appeals) failed to appreciate that there was no proper opportunity given before passing of the impugned order and any order passed in violation of the principles natural justice would be nullity in law. 9. The Appellant craves leave to file additional grounds/arguments at the time of hearing." 2. The appeal filed by the assessee is delayed by nine days, for which, the ld. Counsel for the assessee has filed a petition in support of an affidavit for condonation of the delay, to which; the ld. DR has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT(A) has erroneously confirmed the disallowance made under section 14A of the Act and prayed for deleting the addition by filing copy of the order of the Tribunal in I.T.A. No. 2533/Chny/2017 dated 05.10.2020 in the case of Kollur Sreenivasan Kannan v. ITO. On the other hand, the ld. DR strongly supported the orders of authorities below. 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below including the balance sheet filed by the assessee. It is an admitted fact that the assessee made the investments out of reserves and surplus and the same was not disputed. The assessee has earned exempted income of Rs. 37,50,000/- and the assessee has also voluntarily disallowed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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