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2018 (7) TMI 1725 - ITAT MUMBAIAddition u/s 14A r.w.r. 8D - Held that:- Requirements of section 14A requires assessee to explain and bring on record complete modus operandi of the operations carried out by it with respect to its investments activities and the persons/cost associated with same which in the instant case are not brought on record by the assessee. Thus in view of submission of the assessee that there are no expenses incurred in connection with the investment activity and earning of an exempt income prompted the AO to trigger the invocation of Rule 8D of the 1962 Rules but the AO was required to record satisfaction having regard to the accounts of the assessee which in the instant case was not recorded by the AO . In all fairness to both the parties, the matter need to be restored to the file of the AO for fresh adjudication and the assessee is directed to furnish complete details of its modus-operandi and operational details .
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