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2019 (6) TMI 1113 - AT - Income TaxDisallowance u/s 14A - disallowance voluntarily made was more than dividend income received- HELD THAT:- There is merit in the contentions of the assessee. During the course of hearing the ld AR also submitted that the assessee had received dividend from only one company named M/s Mind Tree Ltd. Further the amount of disallowance made by the assessee ₹ 3023.29 lakhs is more than the dividend amount of ₹ 205.44 lakhs. Hence, we are of the view that the disallowance voluntarily made by the assessee would meet the requirements of sec.14A . Accordingly, we are of the view that further disallowance made by the AO and confirmed by CIT(A) is not warranted in the facts and circumstances of the case. Accordingly we set aside the order passed by ld CIT(A) on this issue and direct the AO to delete further addition made by him u/s 14A - Decided in favour of assessee.
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