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2014 (6) TMI 37 - ITAT CHENNAIDeletion of disallowance made u/s 14A of the Act r.w. Rule 8D of the Act – Expenses incurred for earning dividend income – Held that:- In the absence of any materials regarding incurring of expenditure, the Tribunal was justified in confirming the order of the CIT(A) that deduction of 2% managerial expenses had to be made while calculating the deduction u/s 14A of the Act – thus, the AO is directed to restrict the deduction to 2% of the dividend income earned by the assessee as expenditure attributable for earning dividend income – Decided partly in favour of Revenue.
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