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2014 (4) TMI 1301 - AT - Income TaxDisallowance u/s 14A r.w.r 8D - applicability of Rule 8D - HELD THAT:- Hon’ble High Court in in Birla Corporation Limited Versus Commissioner of Income Tax-II, Kolkata [2014 (2) TMI 1032 - CALCUTTA HIGH COURT] has held “the applicability of Rule 8D is prospective”. At the outset, assessee fairly stated that the Tribunal is taking a consistent view as regards the disallowance u/s. 14A of the Act that 1% is to be disallowed of the exempted income. Tribunal Kolkata Bench has also confirmed the same in many cases, one of the same is in the case of Select Products Pvt. Ltd. [2014 (3) TMI 1218 - ITAT KOLKATA] Hence, we direct the AO to recompute the disallowance by restricting at 1% of the exempted income. We direct the AO accordingly.
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