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2015 (6) TMI 329 - DELHI HIGH COURT

2015 (6) TMI 329 - DELHI HIGH COURT - TMI - Disallowance under Section 14A read with Rule 8D - ITAT deleted disallowance influenced by the fact that the assessee had not applied any borrowed fund towards the investment that yield exemption income - Held that:- The AO's initially determined disallowance to the extent of ₹ 75,41,105/- as against the tax exemption income earned by the assessee of ₹ 25,77,300/-, was finally incorrect and excessive. It is based on misapplication of Rule 8 .....

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Decided against revenue. - ITA No. 322/2015 - Dated:- 22-5-2015 - Ravindra Bhat And R K Gauba,JJ. For the Appellant : Mr Kamal Sawhney, Sr. Standing Counsel For the Respondent : Mr Raghvindra Singh, Jr. Standing Counsel ORDER 1. The Revenue is aggrieved by an order of the Income Tax Appellate Tribunal (ITAT) accepting the assessee's plea with respect to the disallowance under Section 14A read with Rule 8D of the Income Tax Act, 1961. 2. In the given Assessment Year (AY) 2008-09, the assessee .....

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% of its exemption income earned). CIT (Appeal) granted partial review and confirmed approximately 50% of the addition under Section 14A made by way of disallowance. On further appeal, the ITAT was significantly influenced by the fact that the assessee had not applied any borrowed fund towards the investment that yield exemption income. In these circumstances, it set aside the CIT (Appeal)'s order. 3. Learned counsel for the Revenue contends that the ITAT's approach is erroneous given th .....

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