Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 1231 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - rectification of mistake - power of rectification under Section 254(2) - Held that:- As in the case of Pr. CIT vs. Nirma Credit & Capital (P.) Ltd. [2017 (9) TMI 485 - GUJARAT HIGH COURT] has decided the construction of Section 14A, subsequent to the decision of the Tribunal, but it has interpreted that expression “amount of expenditure by way of interest” would be construed as net interest expenditure for making disallowance under Section 14A read with Rule 8D of the Income-tax Rules. A perusal of the record would indicate that this aspect was not considered by the Tribunal. The assessee has net interest income and therefore, there would not have been any disallowance under Section 14A. To our mind, it is an apparent mistake committed by the Tribunal which deserves to be rectified. Therefore, we recall the order of the Tribunal
|