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2017 (5) TMI 423 - ITAT JODHPURApplicability of Section 14(2) r.w.r. 8D - Held that:- Details of investment reveal that there were excess withdrawals of ₹ 2157101 and ₹ 464738 from M/s Behari Lai Lila & Sons & M/s Rudraksh Art & Craft, therefore excess withdrawals were available to be used in other investments in M/s Venkteshwera and/or M/s Souryagarh Palace. Apart from this, there was assessee’s own capital of ₹ 5135397 also. That on basis of the reasons and the contentions submitted by the assessee and as per the reasons hereinabove stated by us, we hold that in the case of assessee, the applicability of Section 14(2) read with Rule 8D will not be valid. We reverse the findings of the ld. CIT(A) by allowing the appeal of the assessee.
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