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TMI Blog2022 (9) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... n case the assessee has not earned any tax free income/exempt income during the year from such investments made by it. This ratio has also been followed by the Tribunal in the case Babul Fiscal Services P.Ltd [ 2022 (9) TMI 98 - ITAT KOLKATA] . Respectfully following the same, hold that since in the instant case also undisputedly there is no exempt income earned by the assessee, the ld.AO was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dt. 24-01-2017 passed u/s. 143(3) of the Income-tax Act, 1961 ( hereinafter referred to as the Act ) passed by the I.T.O, Ward-9(4), Kolkata. 2. Registry has informed that the appeal is time barred by 26 days. However, looking to the shortness of delay and larger interest of justice, the delay is condoned and the appeal is admitted for adjudication. 3. When the case was called, none appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration. That the CIT(A) erred in confirming the disallowance made by the Ld AO for an amount ofRs.2,61,250/- u/s 14A of the Income Tax Act, and held that the amendment made by the Finance At 2022 as retrospective which is contrary to the law and therefore to be deleted. 2.That the CIT(A) erred in passing the order, confirming the disallowance made by the Ld AO, without confronting the draft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... correct therefore disallowance made by the AO and confirmed by the Id. CIT CA) on the basis of invalid satisfaction as to the correctness of the claim of the assessee is bad in law. 5. That the Appellant Company craves leave to alter, amend, vary and/or add any of the grounds of appeal at any time hereinafter. 5. The sole grievance of the assessee is that the disallowance made u/s. 14A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it. This ratio has also been followed by the Tribunal in the case Babul Fiscal Services P.Ltd in ITA No. 318/Kol/2022 dt. 02-08-2022. Respectfully following the same, I hold that since in the instant case also undisputedly there is no exempt income earned by the assessee, the ld.AO was not justified in making disallowance u/s. 14A/R.W.R 8D. I, therefore, set aside the finding of the ld. CIT(A) an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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