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2017 (9) TMI 731 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - assessee has not claimed any expenditure against the investment - Held that:- The assessee has not claimed any expenditure against the investment income. The AO has made the addition on estimate basis which is not permissible under the law. We have no reason to disagree with the claim of the assessee that no further expenditure over and above the expenses already disallowed in the return of income is required to be disallowed under section 14A of the IT Act. Accordingly, it is held that the disallowance made by the Assessing Officer under section 14A of the IT Act by application of Rule 8D of the IT Rules is directed to be deleted and accordingly, the grounds raised by the assessee stand allowed.
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