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2016 (3) TMI 1389 - AT - Income TaxDisallowance u/s 14A read with Rule 8D - whether the AO is allowed to disallow the expenditure, which is debited to the P & L Account? - assessee submitted that the disallowance made by the AO has far exceeded the total claim of expenditure in the P & L Account - HELD THAT:- As relying on assessee's own case [2014 (1) TMI 1183 - ITAT MUMBAI] we agree with the Ld Counsel’s argument and remand the matter to the file of the AO. We direct the AO to apply the said ratio to the facts of the present case and other decisions, if any, in force and decided the issue in accordance with law.
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