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2014 (1) TMI 432 - AT - Income TaxDisallowance u/s 14A – Disallowance on account of administrative expenses for managing the portfolio - Held that:- Following Maxopp Investment Ltd. v. CIT [2011 (11) TMI 267 - Delhi High Court] - The Assessing Officer have to indicate cogent reasons for the same – The determination of the amount of expenditure in relation to exempt income under rule 8D would be done when the Assessing Officer rejects the claim of the assessee in this regard - The operation of Rule 8D is applicable prospectively w.e.f. A.Y. 2007-08 - The assessee suo motu had made the disallowance of administrative expenses - Decided in favour of assessee.
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