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2012 (11) TMI 1166 - AT - Income TaxDisallowance u/s 14A - Held that:- In the case of Godrej & Boyce Mfg. Co. Ltd. [2010 (8) TMI 77 - BOMBAY HIGH COURT] has held that provisions of Rule 8D are applicable from AY 2008-2009 onwards. The provisions of Rule 8D are statutorily mandatory and any working of disallowance u/s 14A is required to be worked out as per formula provided in Rule 8D(2) only. As per the provisions of Rule 8D(2) the disallowance u/s 14A worked out to ₹ 340/- only whereas the appellant itself had offered disallowance u/s 14A at ₹ 5,64,531/-. AO was not justified in disallowing further expenditure of ₹ 34,68,900/- u/s 14A. The disallowance made by the AO is, therefore, deserved to be deleted.
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