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2010 (12) TMI 461 - ITAT, MUMBAIDisallowance u/s 14A - Rule 8D of the Income Tax Rules - The major source of income of the exchange is membership fee on grant of membership to new members, annual recurring fees and transaction processing charges for transaction carried out on the platform provided by the exchange - Even prior to Assessment Year 2008-09, when Rule 8D was not applicable, the Assessing Officer has to enforce the provisions of sub section (1) of Section 14A - The AO as well as the CIT(A) had made the disallowance on the basis of Rule 8-D of the IT Rules, 1962, which are not applicable - Decided in favour of the assessee by way of remand to AO
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