Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 282 - AT - Income TaxDisallowance u/s 14A r.w.s. 8D - AR submitted that the Revenue should have computed disallowance under Rule 8D by considering the average of only those investment on which the exempt income was received by the assessee company instead of total investments - HELD THAT:- It is pertinent to note that the assessee has received the exempt income being dividend income and exempt long term capital gain. This fact was not disputed by the Revenue Authorities. Therefore, the applicability of Rule 8D should have been restricted to that extent only. Hence, we direct the Assessing Officer to restrict the disallowance on the amount as per Section 14A read with Rule 8D. The appeal of the assessee is partly allowed.
|