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2015 (10) TMI 465 - ITAT DELHIDisallowance u/s 14A as per Rule 8D - assessee submitted that it had not incurred any expenditure for earning dividend income since it was a passive activity and also objected to the proposed invocation of section 14A and applicability of Rule 8D of the IT Rules - Held that:- We find force in the submission of ld. Counsel for the assessee that the entire expenditure could not be appropriated towards the earning of exempt income and, therefore, we estimate the expenditure incurred towards earning of exempt income at ₹ 4 lacs out of the total expenses of ₹ 8,58,737/-. We direct accordingly. - Decided partly in favour of assessee.
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