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2017 (2) TMI 1508 - ITAT DELHIDisallowance u/s 14A r.w.s. 8D - HELD THAT:- Disallowance made by the AO is more than the exempted income claimed by the assessee. On a similar issue the ITAT Delhi Bench ‘D’ in the aforesaid referred to case of M/s Global Capital Ltd., New Delhi [2015 (11) TMI 1667 - ITAT DELHI] by following the earlier decision in the case of Indus Valley Investment & Finance (P) Ltd.[2015 (4) TMI 1171 - ITAT DELHI]. As relying on GLOBAL CAPITAL LTD. VERSUS ACIT, CIRCLE-12 (1) , NEW DELHI. [2015 (11) TMI 1667 - ITAT DELHI] direct the AO to make the disallowance to the extent of the income claimed by the assessee as exempt - Appeal filed by the assessee is partly allowed.
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