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2014 (1) TMI 1134 - AT - Income TaxDisallowance u/s 14A - Held that:- As per sub-section (2) of section 14A - The Assessing Officer has to determine the amount of expenditure incurred in relation to such exempt income, if the Assessing Officer having regard to the accounts of the assessee is not satisfied with the correctness of the claim of the assessee in respect of such expenditure relating to exempt income - In the case of assessee no such exercise has been done by the Assessing Officer - No borrowed funds have been utilized for the investment purposes - Regarding the administrative expenditure, no satisfaction about the correctness of the assessee's claim has been looked into - The disallowance on account of administrative expenditure is too excess than the expenditure claimed in the Profit & Loss account and without rebutting the correctness of the assessee's claim - The order passed by the learned Commissioner (Appeals) is set aside - Decided in favour of assessee.
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