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2018 (4) TMI 262 - AT - Income TaxDisallowance u/s 14A of the Act r.w.r. 8D(2)(iii) - Contention of the AR was that the assessee earned dividend from two companies which yielded exempt income of ₹ 53,20,226/- and the average investment connected thereto is ₹ 2,10,48,250/- but, not ₹ 12,81,95,222/- as determined by the AO - Held that:- In the present case, the AO found that the assessee earned dividend of ₹ 53,20,226/- and has taken average value of investments as appeared in the balance sheet, which, according to ld. AR is wrong in pursuance of the decision of this Tribunal in the case of REI Agro Ltd [2013 (5) TMI 582 - ITAT KOLKATA]. We find force in the arguments of ld. AR and no infirmity in the order of CIT(A). Ground no.2 raised by the revenue is dismissed.
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