Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 1693 - AT - Income TaxDisallowance u/s 14A r/w rule 8D - AO noticed that during the year the assessee has earned exempt income by way of dividend on mutual fund and shares - HELD THAT:- Disallowance made by the Assessing Officer is far in excess of the total expenditure claimed by the assessee. Therefore, under no circumstances, the disallowance made by the AO could have been sustained. Therefore, following the decisions of the Tribunal and the Hon'ble Jurisdictional High Court [2014 (1) TMI 1183 - ITAT MUMBAI] in the preceding assessment years we hold that the disallowance under section 14A r/w rule 8D, should be restricted to the amount already disallowed by the assessee under section 14A. - Decided in favour of assessee.
|