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2018 (9) TMI 710 - AT - Income TaxDisallowance u/s 14A read with Rule 8D - Held that:- It has been held in various decisions that disallowance u/s 14A r.w. Rule 8D cannot exceed the actual dividend income received which has been claimed as exempt. Therefore, hold that the disallowance u/s 14A in the instant case cannot exceed ₹ 4280/- which is the actual exempt income received by the assessee during the year. We, therefore, set-aside the order of the ld. CIT(A) and direct the Assessing Officer to restrict the disallowance u/s 14A to the extent of actual exempt income received by the assessee which in the instant case is ₹ 4280/-. The ground raised by the assessee is accordingly partly allowed.
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