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2011 (12) TMI 6 - ITAT DELHIDisallowance u/s 14A - assessee has shown the turnover from execution of contracts and no expense and interest attributable to the investments made by the appellant in the SPVs can be disallowed u/s 14A r.w. Rule 8D because it cannot be termed as expense /interest incurred for earning exempted income. - CIT(A) is correct in holding that disallowance of a further sum Rs. 40,556/- calculated @2% of the dividend earned is sufficient. Director’s Travelling expnses - Held that:- assessee has given sufficient details regarding the foreign travel expenditure. The disallowance in this regard cannot be sustained. VAT not paid before the due date of filing of the return - as per order of the Excise and Taxation Officer cum Assessing Authority, there was refund to the assessee instead of VAT payable - no disallowance can be made.
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