Finding that the CIT(A) has deleted the disallowance merely by accepting the contentions of the assessee before it without dealing with the finding of the AO, the Ahmedabad ITAT directed the CIT(A).
The Ahmedabad ITAT held that in the absence of the Assessing Officer pointing out as to how despite the assessee s explanation, there was no nexus between the interest-bearing funds and their.
While holding that mere disallowance of expenditure or enhancement of returned income does not ipso facto call for the imposition of penalty u/s 271(1)(c) of Income Tax Act, the Delhi ITAT deleted.
Abiding by the principle of judicial hierarchy and binding precedent, the Kolkata ITAT directed the AO to consider only the investments yielding tax exempt income for computation of disallowance under.
The Delhi High Court has granted the assessee an opportunity to adduce appropriate evidence documentary or otherwise before the Assessing Officer in order to establish its claim regarding educational.