Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 654 - ITAT MUMBAIDisallowance of business expenses u/s 37 - Denial of set-off of business loss incurred against Income from Other Sources for year consideration - Company not doing any business activity - Disallowance u/s 14A - Held That:- the assessee company may not carry on business but is in existence. The name of the company was not struck off by the registrar of companies. The company has not been dissolved. Therefore the assessee is allowed to claim such expenses in the P&L A/c in view of the law settled in [1991 (5) TMI 6 - CALCUTTA High Court] title as CIT(A) karanpura Collieries Ltd. & [1989 (5) TMI 10 - CALCUTTA High Court], CIT Vs. Ganga Properties Ltd.- Decided in favor of assessee. Disallowance of expenses incurred to earn the exempt income - Held That:- Strategic investment is not liable to be included to assess the expenses to earn the dividend income in view of the provision under section 14A read with rule 8D.- Therefore matter remanded back to AO to assess the expenses incurred to earn the exempt income by excluding the strategic investment. - Decided in favor of assessee. Confirmation of disallowance of interest - Held That:- The assessee has shown the interest income on FDs. The assessee produced the TDS certificates in which he has received the interest to aggregated to the tune of ₹ 2,60,165/-. The difference to the tune of ₹ 8,245/- was added to the income. Nothing in support is produced before us. The plea of the assessee’s that the income was offered in the earlier year but there is no evidence in this regard therefore we uphold the finding of the CIT(A) on this issue.- Decided against the assessee.
|