Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 1080 - AT - Income TaxDisallowance u/s 14A r.w.r. 8-D - Held that:- There is no dispute to the fact that own funds were invested by the assessee in earning the dividend income of ₹ 57,975/- and suo-moto disallowance of ₹ 8,895/-, towards expenses to earn the exempt income. So far as applicability of Rule-8D is concerned, since, assessment year involved is 2011-12, therefore, Rule-8D will be applicable. However, since, no borrowed funds were utilized for making the investment and the assessee suo-moto made the disallowance, we find merit in the appeal of the assessee, therefore, the amount disallowable as per Rule-8D can be ₹ 1,27,601/- against the calculation of ₹ 2,31,140/- , thus, the addition is restricted to ₹ 1,03,539/- (Rs.2,31,140-1,27,301) - Decided partly in favour of assessee
|