Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 844 - AT - Income TaxDisallowance of expenses u/s 14A read with Rule 8D of the Act – Disallowance of interest and administrative expenditure - Held that:- The AO cannot invoke the provisions of Rule 8D until and unless, he gives a specific and cogent reasons which would accord his satisfaction, that the accounts cannot be relied upon - There was no basis or satisfaction having been recorded by the AO - The AO has nowhere made any reference with regard to the claim of the assessee, concerning expenses, having direct nexus with the exempt income – order of the CIT(A) set aside and the matter remitted back to the AO for deletion of disallowance worked out in accordance with the provisions of section 14A(2) read with Rule 8D – Decided in favour of Assessee.
|