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TMI Blog2021 (11) TMI 1081X X X X Extracts X X X X X X X X Extracts X X X X ..... t the computation of disallowance made by the assessee - HELD THAT:- We find that besides the observation of Ld. CIT(A) in the impugned order, the disallowance is not sustainable for two reasons. Firstly, the suo-moto disallowance as offered by the assessee was more than the exempt income. Secondly, as per settled legal position, only those investments were to be considered which had actually yi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted:- 9-11-2021 - Shri Lalit Kumar, JM And Shri Manoj Kumar Aggarwal, AM For the Revenue : Shri Amol S. Kamat-Ld. CIT- DR. For the Assessee : None. ORDER Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year (AY) 2013-14 arises out of the order the Ld. Commissioner of Income Tax (Appeals)-7, Kolkata [CIT(A)] dated 26/11/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal on merits. 3. At the time of hearing none appeared for assessee. However, the findings rendered in the impugned order by Ld. CIT(A) were sufficient for disposal of the appeal. The Ld. CIT-DR supported the assessment framed by Ld. AO. After due consideration, our adjudication would be as under. 4. An assessment was framed for the year wherein Ld. AO made disallowance u/s 14A for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... putation of disallowance made by the assessee. Aggrieved, the department is in further appeal before us. 5.3 We find that besides the observation of Ld. CIT(A) in the impugned order, the disallowance is not sustainable for two reasons. Firstly, the suo-moto disallowance as offered by the assessee was more than the exempt income. Secondly, as per settled legal position, only those investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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