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2014 (5) TMI 349 - ITAT AHMEDABADDisallowance of expenses u/s 14A of the Act – Exempted income u/s 37 for business purpose – Held that:- AO rightly observed that assessee has earned commission income and has claimed several expenses in the profit and loss account - the exempt income and short term capital gain have gone out of profit and loss account, the assessee has claimed the expenditure only towards earning of commission income - assessee has earned commission income from only three parties and for purchase and sell of goods - CIT(A) agreed with the findings of AO and confirmed the addition of 75% of expenses claimed by the assessee towards earning by commission – the disallowance is restricted to 50% of the expenses claimed by the assessee – Decided partly in favour of Assessee.
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