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2012 (8) TMI 333 - AT - Income TaxDis-allowance u/s 14A - interest expenditure and administrative expenses - Held that:- It is observed from balance sheet that share holders’ fund aggregates to more than Rs.73 crores and the in investment in shares were around 57.65 crores. Thus, the assessee had own funds which were available for making the investment in the shares. Therefore, dis-allowance on account of interest expenditure u/s 14A is not sustainable. However, on the disallowance on account of administrative expenses u/s 14A, Tribunal has held that the disallowance should be restricted upto 5% of the dividend earning - Decided partly in favor of assessee. Employees’ contribution to PF and ESIC - dis-allowance - delayed payment - Held that:- If the employee’s share of contribution is paid before the due date of filing of the return u/s 139(1), then no dis-allowance can be made - Decided in favor of assessee.
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