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2018 (1) TMI 1512 - ITAT MUMBAIDisallowance u/s.14A read with Rule 8D(2)(iii) - non recording of reasons by AO - HELD THAT:- We find that the AO has not recorded its satisfaction by giving specific reasons as to the correctness of the claim of the assessee having regard to the accounts of the assessee. AO has not recorded its satisfaction by giving specific reasons as to the correctness of the claim of the assessee, therefore, we set aside the order of Ld. CIT(A) and remit the matter back to the file of AO with a direction to verify regarding the claim of assessee that no expenses were incurred for earning the exempt income, having regard to the accounts of the assessee. The AO shall also verify any other claim if so raised by the assessee, and thereafter pass afresh order of assessment. - Appeal of assessee allowed for statistical purposes.
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