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2011 (12) TMI 102 - HC - Income TaxDis-allowance of expenditure u/s 14A of the Act - depreciation on computer software, peripherals @ 60% without considering whether assets were used for more than 180 days- Held that:- Rule 8D has been held to be prospective in nature and applicable from assessment year 2008-09 by High Court in Maxopp Investment Ltd. v. CIT, New Delhi . However, in the said decision it has been observed that direct and indirect expenses have to be disallowed u/s 14A, when an assessee earns exempt income. In the present case no dis-allowance was made u/s 14A further, Assessing Officer had not examined whether the computer peripherals were used for more than 180 days or not. Under these observations A.O. is directed to pass fresh order. -Decided in favor of Revenue
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