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2017 (10) TMI 1337 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - Held that:- We find that no fresh investments have been made by the assessee company during the year and the subject investments are the investments which have been made by and taken over from the partnership firm M/s KGK Enterprises. On similar lines, the AO has made a disallowance in the instant case. In case of KGK Enterprises for AY 2010-11 (2016 (8) TMI 1371 - ITAT JAIPUR), we have already taken a view that disallowance under the provisions of Section 14A are not warranted. Disallowance being 10% of the total expenses incurred on various expenses - Held that:- On perusal of orders of the lower authorities, we find that the disallowance has been made on a purely adhoc basis and such adhoc disallowance cannot be sustained in the eyes of law. In the result, disallowance is hereby deleted - Assessee appeal allowed.
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