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2020 (11) TMI 694 - AT - Income TaxDisallowance u/s. 14A r.w.r. 8D - Huge interest free funds - HELD THAT:- There was no justification for making disallowance out of interest expenditure incurred on earning exempt income. In respect of disallowance of administrative expenditure, we have gone through the order in the case of the assessee itself for the assessment year 2012-13 [2018 (12) TMI 1651 - ITAT AHMEDABAD] wherein the disallowance in respect of administrative expenditure was restricted to ₹ 6 lacs after taking into consideration the total exempt income earned by the assessee of ₹ 63,35,308/-. Respectfully following the decision of the Co-ordinate Bench on the similar facts and identical issue, we restrict the disallowance out of administrative expenses to ₹ 7 lacs as asssesse has earned dividend income of ₹ 77,60,108/- as against dividend income of ₹ 63,35,308/- earned in A.Y. 2012-13. Accordingly, the appeal of the assessee is partly allowed.
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