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2015 (9) TMI 1566 - AT - Income TaxCalculation of disallowance as per Rule- 8D sec 14A - Held that:- We are of the opinion that the disallowance confirmed by the CIT (A) is proper but the same is subjected to the correctness of the calculations as per clause-(ii) & (iii) of Rule-8D(2). AO may examine the correctness before restricting the disallowance as held by the CIT (A). In this regard, we confirm the order of the CIT (A) in substance and therefore, it does not call for any interference. Accordingly, ground raised by the Revenue are dismissed Nature of income - treating interest earned on money lending operation under the head Profit and Gains from Business and Profession or Income from Other Sources - Hel that:- CIT (A)’s decision, in treating the interest income earned on money lending operation as Profits & Gains of Business or Profession’, is reasonable and it does not call for any interference. In this regard, we have considered ‘object clause’ authorizing the assessee to conduct the business of money lending and the entries in the books of accounts and the bank accounts. Accordingly, ground raised by the Revenue is dismissed
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