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2012 (12) TMI 130 - AT - Income TaxDisallowance on account of expenses other than interest u/s 14A in relation to exempt income i.e. dividends - Held that:- Assessing Officer must in the first instance determine whether the claim of the assessee is correct and determination must be made having regard to the accounts of the assessee. The legislature directs him to follow rule 8D only where the Assessing Officer is not satisfied with the claim of assessee - Assessing Officer has not fulfilled his onus of recording his findings - disallowance under section 14A of the Act requires a clear finding of incurring of expenditure and that no disallowance can be made on the basis of presumptions – disallowance deleted – in favor of assessee.
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