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2018 (6) TMI 501 - AT - Income TaxDisallowance u/s 14A - Held that:- There is no dispute with regard to the proposition that if assessee demonstrated that it has more interest free funds than the investment then interest expenditure not to be considered for disallowance. There was incremental decline in the borrowed funds right from 31st March, 2005 up to 31st March, 2011. Thus, figures indicate that the assessee has not used interest bearing funds. Inclusion of disallowance u/s.14A while computing book profit - MAT computation - Held that:- Respectfully following the order of the Tribunal in assessment year 2008-09, we allow this ground of appeal and direct the Assessing Officer not to make any disallowance u/s.14A while computing book profit u/s.115JB. Disallowance of foreign travel expenditure to the extent of 75% - Held that:- There is no material whatsoever to come to the conclusion that 75% time on this trip was used for personal purposes of the director. . Once the CIT(A) came to the conclusion that the trip was for some business purposes, it was not open to him to deny any part of deduction for these expenses- particularly when there is no material to hold that the visit was for personal purposes. - Assessee appeals allowed.
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