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2013 (8) TMI 1004 - AT - Income TaxDisallowance u/s 14A - Held that:- The undisputed facts are that the assessee earned exempt dividend income of ₹ 13,22,641/- during the year under consideration and claimed that it has incurred no expenditure for earning such exempt income. The Assessing Officer, by applying Rule 8D r.w.s 14A, computed the disallowance of expenditure relating to the exempt dividend income at ₹ 26,88,155/- and added the same to the income of the assessee. On appeal, the ld. CIT(A) has restricted the disallowance to 2% of the exempt dividend income. The ld. DR could not point out any specific error in the above quoted order of the ld. CIT(A). Therefore, we do not find any good and justifiable reason to interfere with the order of the ld. CIT(A) which is confirmed and the grounds of appeal of the Revenue are dismissed.
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