Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 1111 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - Held that:- The computation of income reveals that the assessee had disclosed the income from business or profession at ₹ 1,16,12,455/- against which the expenditure of only ₹ 11,73,198/- had been claimed. It cannot be, under any circumstances, said that the assessee did not incur any expenditure for earning of taxable income in crores. Since the assessee had a net positive interest income, under such circumstances, it cannot be said that the assessee had incurred interest expenditure for earning of exempt income. So far the remaining amount on account of administrative expenses is concerned, it is too meager as compared to the taxable income of the assessee. However, keeping in view the fact that the assessee had earned dividend income, it might have incurred some expenses for the said purpose, we restrict the disallowance under section 14A, to 10% of the total administrative expenses of ₹ 7,31,006/-. - Decided partly in favour of assessee.
|