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2016 (12) TMI 1748 - AT - Income TaxDisallowance under Rule 8D r.w.s. 14A - Held that:- As learned counsel for the assessee rightly points out, the disallowance under section 14A cannot exceed the related tax exempt income during the relevant previous year. This is what co-ordinate benches have consistently held to be the correct legal position. See AUSOM INTERNATIONAL P. LTD. VERSUS ITO, WD-1 (3) , AHMEDABAD [2016 (5) TMI 531 - ITAT AHMEDABAD] We hold that the disallowance under section 14A must stand restricted to ₹ 8,01,136/-. To this extent, the Cross Objection is allowed, and the relief granted by the CIT(A) is confirmed.
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