9911796707
TMI Blog2023 (7) TMI 1357X X X X Extracts X X X X X X X X Extracts X X X X ..... Captioned appeals by the assessee arise out of separate orders of learned Commissioner of Income-tax (Appeals)-30, New Delhi pertaining to assessment years 2011-12, 2012-13 and 2013-14. 2. There is delay of 101 days in filing these appeals. The assessee has filed application seeking condonation of delay by stating that due to the restrictions imposed on account of COVID-19, appeals could not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... empt income of Rs.50,17,110/- in assessment year 2012-13. On further verification, he found that the assessee has not disallowed any expenditure attributable to earning of exempt income in terms of section 14A of the Act read with Rule 8D. Having found that, he proceeded to compute disallowance under section 14A of the Act read with Rule 8D in the years under consideration and disallowed expenditu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted, no disallowance out of interest expenditure can be made, as the assessee has not made any current investments and all the investments are carried over from earlier years. As regards disallowance of administrative expenditure under Rule 8D(2)(iii), learned counsel submitted, only those investments, which have yielded exempt income during the relevant assessment years can be considered for comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s regards the disallowance made under Rule 8D(2)(iii), respectfully following the ratio laid down by ITAT Delhi, Special Bench in case of ACIT vs. Vireet Investments (P) Ltd. (2017) 58 ITR (T) 313 (Delhi-ITAT-SB), we direct the Assessing Officer to consider only those investments which have yielded exempt income during the relevant assessment years for computing average value of investments. Groun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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