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2018 (3) TMI 466 - AT - Income TaxDisallowance u/s 14A - Held that:- Taking into consideration, the strategic investment, debt oriented general funds (dividend), debt oriented mutual fund (growth option), debt oriented mutual fund, debt oriented fund dividend loan , an amount of ₹ 10,49,770/- disallowed by the assessee on the amount of interest. The AO’s action of deriving satisfaction was thus without any cogent grounds, the AO does not derive any power from section 14A(2) in the absence of any cogent grounds to arrive at a finding that the appellant’s claim of disallowance was not on sound grounds as the investments of more than 90% of the investments are either taxable or strategic investment. Hence, no further disallowance is required to be made by the AO. - Decided against revenue
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