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2020 (10) TMI 1026 - GUJARAT HIGH COURTDisallowance u/s 14A r.w. Rule 8D(2)(ii) - as argued disallowance u/s 14A r.w. Rule 8D cannot exceed disallowance made in the return of income - HELD THAT:- The amount of disallowance under Section 14A read with Rule 8D of the Rules cannot exceed the amount of disallowance made by the assessee in the return of income. We are of the view that such observations made by the Tribunal should be looked into in the context and the facts available in the present case. The observations should not be construed or understood to mean that the aforesaid disallowance cannot exceed the suo motu disallowance made by the assessee in the return of income. In some cases, applying the formula laid down in Rule 8D, the disallowance may exceed such suo motu disallowance made by the assessee.
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