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2021 (1) TMI 1134 - ITAT MUMBAIDisallowance u/s 14A r.w.r. 8D - assessee has suo-moto disallowed an amount - whether the disallowance under Rule 8D(2)(iii) is to be restricted to the extent of exempt income i.e. dividend income earned by assessee or the disallowance as suo-moto computed by assessee? - HELD THAT:- As gone through the decision of Hon’ble Supreme Court in the case of Maxopp Investments Ltd [2018 (3) TMI 805 - SUPREME COURT] wherein as categorically held that the disallowance cannot exceed the exempt income. Hence, we delete the suo-moto disallowance made by assessee at ₹ 5,86,52,973/- and restricted the disallowance to the extent of exempt income claimed by assessee at ₹ 13,17,233/-. We direct the Assessing Officer accordingly. Appeal of assessee is allowed.
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