Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 74 - AT - Income TaxDisallowance u/s 14A - Held that:- Following Godrej & Boyce Ltd. Mfg. Co. VS. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] - The provisions of Rule 8D are applicable from assessment year 2008-2009 - The disallowance u/s 14A is required to be worked out as per the mandate of Rule 8D - The expenses attributed to the tax free income was not disallowed by the assessee - The disallowance at 0.5% has been made towards expenses other than interest - Decided against assessee. Book profits u/s 115JB - Held that:- The amount disallowable u/s 14A is always part of the expenses specifically debited to the profit and loss account - The amount disallowable u/s 14A is covered under clause (f) of Explanation (1) to section 115JB(2) - Following Esquire P. Ltd, Mumbai [2012 (9) TMI 134 - ITAT MUMBAI] - Decided against assessee. Rebate u/s 88E - Held that:- The learned CIT(A) directed to allow rebate u/s 88E subject to the provisions u/s 87(2) as relevant to assessment year 2008-2009 - Decided against Revenue.
|