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TMI Blog2024 (12) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... after the impugned order) passed by respondent no. 1 (National Faceless Assessment Centre) - hereafter NFAC under Sections 143 (3)/254/144B of the Income Tax Act, 1961 (hereafter the Act). It is the petitioner's contention that the impugned order has been passed without any jurisdiction. 2. The petitioner (hereafter the Assessee) had filed a revised income tax return for assessment year 2013-14 [AY 2013-14] on 31.03.2015 declaring an income of Rs.2,70,87,75,810/-. The same included income from dividends amounting to Rs. 4,14,800/-, which was exempt from charge of tax at the material time. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cess disallowance under Section 14A of the Act. 7. The learned ITAT disposed of the said appeal by an order dated 25.02.2021. In terms of the said order , the learned ITAT remanded the issues pertaining to fines and penalties and disallowance under Section 14A of the Act to the AO for consideration afresh with a direction that the disallowance under Section 14A of the Act was required to be worked, considering by limiting the value of investments to the value of the instruments yielding exempt income. 8. Thereafter, the Assessee filed an application being MA No. 159/Del/2021 in ITA 6330/Del/2017 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment would be completed in accordance with the procedure under Section 144B of the Act. 12. The Assessee filed its objections for continuing any proceedings pursuant to the order passed by the learned ITAT as the JAO had already passed an order dated 04.02.2023 to give effect to the orders passed by the learned ITAT. However, the NFAC passed impugned order in respect of the two issues that were remanded by the learned ITAT being disallowance under Section 14A of the Act and disallowance of fines and penalties. 13. The NFAC passed an order dated 29.03.2023 once again reiterating the disallowance 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apposite to set out the said order in its entirety. "Order u/s 254/250/143 (3) of the Income Tax Act, 1961 Consequent upon the order of the Income Tax Appellate Tribunal, Delhi IN ITA No. 6434/Del/2017 and ITA No. 6330/Del/2017 and subsequent MA No. 159/Del/2021 (In ITA No. 6330/Del/2017) Income is recomputed as under:- S.No. Particulars Total income as per Return of Income of Rs.2,70,87,75,810/- Income as per order u/s 250, Dated-28.07.2017 Rs.2,71,22,94,613/- Less: Relief allowed by ITAT:- i. Disallowance U/S 14A restricted to Rs. 4,14,800/- in place of disallowance made amounting to Rs. 1,83,55,525/- i.e. relief of Rs. 1,79,40,725/- Rs. (-)1,79,40,725/- ii Disallowance of fine/penalties be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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