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2014 (1) TMI 920 - ITAT AHMEDABAD - Income Tax
Head Note / Extract:
Deletion made u/s 14A of the Act Nexus between the amounts incurred by the assessee for earning the tax free income Held that:- CIT(A) was of the view that no nexus has been established by the AO with the amount incurred by the Assessee for earning the tax free income - the interest income was more than interest expense and thus the Assessee was having net positive interest income and therefore the same cannot be considered for disallowance The appellant is also having net positive interest income which cannot be part for the disallowance - the administrative expenses to be 0.5% of the average investments and disallowed the same - the Revenue could not bring any material on record to controvert the findings of CIT(A) there was no reason to interfere the order of CIT(A) Decided against Revenue.