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2014 (7) TMI 996 - AT - Income TaxComputation of disallowance u/s 14A r.w. Rule 8D – Tax free income from dividend – Held that:- Assessee had earned tax free income in the form of dividend - assessee has submitted that the interest free funds available with the Assessee are in excess of investments – relying upon CIT vs. Amod Stamping P. Ltd.[ 2014 (7) TMI 753 - GUJARAT HIGH COURT] - when Assessee was having interest free funds far in excess of investment it can be said that the investments are made out of interest free funds - the provisions of Rule 8D are not applicable as per GODREJ AND BOYCE MFG. CO. LTD. Versus DEPUTY COMMISSIONER OF INCOME-TAX AND ANOTHER [2010 (8) TMI 77 - BOMBAY HIGH COURT] - the Assessee has suo moto disallowed u/s. 14A - no further disallowance over and above then what is made by the Assessee u/s. 14A read with Rule 8D is called for – Decided in favour of Assessee. Disallowance u/s 43B – Employees contribution to ESIC paid beyond prescribed dates – Held that:- The amount of employees contribution towards ESIC has been deposited beyond the due dates prescribed under the relevant Act – Relying upon COMMISSIONER OF INCOME TAX II Versus GUJARAT STATE ROAD TRANSPORT CORPORATION [2014 (1) TMI 502 - GUJARAT HIGH COURT] - employees share of contribution of ESIC was paid after the prescribed due date, there was no reason to interfere with the order of CIT(A) – Decided against Assessee.
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