Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 870 - AT - Income TaxDisallowance u/s 14A - Held that:- Tribunal has recorded a finding that own funds in the shape of Share Capital & Reserves of ₹ 10004.10 Lacs were much more than investment of ₹ 8094.70 Lacs and therefore, interest disallowance was not justified in terms of various judicial pronouncements. Upon perusal of financial statements of impugned AY, as placed on record, we find that there is no change in the figures of investment and the same remain static at ₹ 8094.75 Lacs. This being the position, interest disallowance as made by Ld. AO stand deleted and the grounds raised, in this regard stand allowed. So far as the expense disallowance - submission of the assessee is that only income yielding investments are to be considered to arrive at disallowance - We direct Ld.AO to recompute expense disallowance u/r 8D(2)(iii) by considering only those investments which have yielded exempt income during the impugned AY. The assessee is directed to provide requisite computations, in this regard. The ground stand partly allowed.
|