9911796707
TMI Blog2024 (12) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... that failing the filing of any counter-affidavit the matter would proceed ex-parte, on the basis of the record existed on the said date. Revenue failed to avail the last opportunity as well. Notwithstanding the same, this court by an order dated 28.08.2024 granted liberty to the learned counsel for the Revenue to file a brief note of submissions, if so advised. However, no such note has been filed either. The facts as narrated above are thus accepted as untraversed. Mr Sunil Agarwal, learned counsel for the Revenue, also states that there is no dispute as to the facts as noted above. The order passed by the JAO clearly sets out that it is an order to give effect to the order passed by the learned ITAT. There is no doubt that the proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Assessee had not claimed any deduction in respect of expenses amounting to Rs. 1,83,55,525/- under Section 14A of the Act expenditure relatable to any exempt income. 3. The Assessee s return was picked up for scrutiny and the Assessing Officer (hereafter AO) made an addition of Rs. 1,93,79,583/- to the Assessee s declared income by disallowing further amount under Section 14A of the Act. Thus, the aggregate amount of expenses disallowed under Section 14A amounted to Rs. 3,77,35,108/-. In addition to increasing the disallowance under Section 14A of the Act, the AO also disallowed expenses charged against fines and penalties amounting to Rs. 35,18,803/-. 4. The said assessment order was subject matter of challenge 5. The Assessee appeale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the disposed of appeal praying that certain findings be modified and to direct the AO to restrict the disallowance to the extent of the exempt income. The said application was allowed by an order dated 01.04.2022 and the learned ITAT modified the findings in paragraph 11.1 of its order dated 25.02.2021 and directed the AO to restrict the disallowance to the extent of exempt income. Thus, the maximum disallowance that could be made in terms of the order passed by the learned ITAT was Rs. 4,14,800/-. 9. Pursuant to the said directions, the Jurisdictional Assessing Officer (hereafter JAO) (respondent no.2) passed an order dated 04.02.2023 to give effect to the directions issued by the learned ITAT. In terms of the said order the disallowanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of Rs. 3,60,51,977/- made under Section 14A of the Act, which included an additional disallowance of Rs. 1,93,79,583/- (which was made by the AO in terms of the assessment order dated 28.03.2016). Although, the NFAC noticed the order dated 01.04.2022 passed by the learned ITAT confining the disallowance under Section 14A of the Act to Rs. 4,14,800/-, the said directions were completely disregarded. It is also material to note that the NFAC also expressly stated that its order would supersede the order of the JAO dated 04.02.2023. 14. It is relevant to note that despite several opportunities, the Revenue has failed and neglected to file its counter-affidavit. Consequently, on 02.05.2024, this court passed an order granting a final oppor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i.e. relief of Rs. 1,79,40,725/- Rs. (-)1,79,40,725/- ii Disallowance of fine/penalties being allowed: Rs. 0/- Total income Rs.2,69,43,53,887/- Income after appeal effect rounded of Rs.2,69,43,53,890/- 2. Thus, after appeal effect income of the assessee M/s Religare Securities Ltd. (now merged with Religare Enterprises Ltd.) for AY 2013-14 is recomputed at Rs. 2,69,43,53,890/- under the normal provisions of the Act. Credit for TDS, advance tax and regular taxes paid is given after verification. Interest u/s 234A, B, C D is being charged, as applicable, of the IT Act, 1961. 16. In view of the above, there is no doubt that the proceedings pursuant to the directions issued by the learned ITAT stood concluded by the aforementioned order dated 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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