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2010 (11) TMI 617 - ITAT, MUMBAIDisallowance - Administrative expenses - The Assessing Officer noted that the assessee has claimed an amount of Rs.5.78 lakhs towards the administrative expenses, therefore, some portion of the same must have been incurred for the purpose of earning dividend income - He accordingly disallowed an amount of 1 lakh on adhoc basis out of the administrative expenses - Further find the Tribunal in assessee's own case for Assessment Year 2000-01 has also upheld the similar disallowance to which one of us (Accountant Member) is a party - Therefore decided against of assessee. Interest on borrowing - Find the assessee company has started borrowings from 27.12.1997 onwards whereas the scrips on which tax free dividend income earned were purchased much prior to the same - find similar issue had come up before the Tribunal in assessee's own case for Assessment Year 2001-01 and the Tribunal decided in favour of assessee.
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