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2018 (2) TMI 1974 - AT - Income TaxDisallowance u/s 14A - Disallowance of interest expenses u/s 36(1)(iii) - CIT-A deleted the addition - HELD THAT:- The assessee has proved that all the scripts were held as stock in trade and there was no investment, therefore, Rule 8D will not be applicable in the present case. From the records, it also reveals that the same is just and proper as related to disallowance of interest expenses u/s 36(1) (iii) interest on funds utilized in buying securities for earning exempt income is not there in the Income Tax Act only interest is paid for a funds for non business purposes can be disallowed. Thus, the CIT(A) has given a detailed finding and there is no need to interfere with the same. Therefore, the appeal filed by the Revenue is dismissed.
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