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2016 (11) TMI 1594 - AT - Income TaxDisallowance of interest u/s 14A r.w.r. 8D - Held that:- we find that the only disallowance of interest under section 14A read with rule 8D of the IT Rules, the assessee had share of Girdharilal Sugar & Allied Ind Ltd. costing ₹ 88 lacs and as per rule 8D the interest disallowance can be made 050% of average investment which comes to ₹ 44,006/-. Accordingly, we allow the appeals of the assessee for the assessment years 2007-08, 2008-09 and 2009-10 because the same investment of ₹ 88 lacs is coming out from the assessment year 2006-07, 2007-08, 2008-09 and 2009-10 Disallowance u/s 40(a)(ia) - Non deduction of tds on printing and stationary expenses - amount already paid during the year or amount shown payable as on 31st March of every year - Held that:- After the amendment in section 40(a)(ia) of the Act with effect from 1.4.2015 it was held that disallowance u/s 40(a)(ia) of the Act should be restricted to 30% of the amount of interest paid - Respectfully following the judgment of this Bench in the case of ACIT, Circle-4, Jaipur vs. Shri Girdhari Lal Bargoti [2015 (11) TMI 746 - ITAT JAIPUR], the disallowance made by the A.O. u/s 40(a)(ia) of the Act as raised in the grounds of appeal is deleted. Thus, the solitary ground of the assessee is allowed. Restrict the disallowance u/s 40(a)(ia) of the Act to 30% which comes to ₹ 11,400/- in the assessment year 2008- 09 and ₹ 12,161/- in the assessment year 2009-10
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