Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 2024 - AT - Income TaxDisallowance u/s 14A r.w.r.8D - quantum of the amount of disallowance u/s 14A - HELD THAT:- There is no dispute about the applicability of the provisions of section 14A. Now the law is quite settled that the disallowance u/s 14A cannot exceed exempt income. In support of this view reliance can be placed on the ITAT, Hyderabad Special Bench in the case of ACIT vs. M/s. Progressive Constructions Pvt Ltd ( [2017 (3) TMI 1167 - ITAT HYDERABAD] - Similarly in the light of the decision of the Delhi Special Bench decision in the case of ACIT vs. Vireet Investments Pvt Ltd. [2017 (6) TMI 1124 - ITAT DELHI] the value of investment which yielded exempt income alone be considered for the purpose of computing the average value of the investments for the purpose of quantifying the amount of disallowance u/s 14A. We find that the order of the CIT(A) is in consonance with the ratios laid down by the Special Benches and therefore, we do not find any reason to interfere with the order of the CIT(A). Accordingly, grounds raised by the Revenue are dismissed.
|