Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (1) TMI 611 - ITAT KOLKATA

2016 (1) TMI 611 - ITAT KOLKATA - TMI - Disallowance u/s 14A - CIT(A) computing interest pertaining to tax free income as per Rule 8D(2)(ii) of the IT Rules 1962 - Held that:- CIT(A)'s order upheld in relation to the working of interest under the provisions of section 14A of the Act concluding:

i) The disallowance under Rule 8D will be calculated on the figure of investments only without taking stock in trade in the figure as investment

ii) The amount of interest should be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sh Sharma, FCA ORDER Per Waseem Ahmed, Accountant Member This appeal by the Revenue is arising out of order of Commissioner of Income Tax (Appeals)-VI, Kolkata in appeal No.163/CIT(A)-VI/Wd-6(2)/09- 10/Kol Dated 15.10.2012. Assessment was framed by ITO Ward-6(2), Kolkata u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') vide his order dated 22.11.2011 for assessment year 2009-10. 2. Issue is to be decided in this appeal is that whether Ld. CIT(A) has erred in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

12,44,545/- was represented out of shares lying in inventory and a sum of ₹ 29,000/- was represented from the share / mutual funds lying as investment in the books of account of assessee. Assessee has disallowed the interest expenses from its computation of income by virtue of the provisions specified u/s 14A of the Act. However the AO was not satisfied with the working of the disallowance of the interest expenses and rejected the same. The AO has worked out the disallowance of interest un .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ore Ld. CIT(A) who held that the action of the AO was right for the working of the disallowance under the provisions of section 14A of the Act as the assessee has not provided the manner of working for the disallowance of interest. However, the Ld. CIT(A) has disregarded the working of disallowance of the interest as made by the AO and restored the file to the AO with the direction to re-compute the disallowance as per law. The relevant portion of Ld. CIT(A) order in relation to the working of i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sets and not as ₹ 32,06,90,060/- of net assets. Now, being aggrieved by this order of Ld. CIT(A), Revenue is in appeal before us. Shri Girish Sharma, Ld. Authorized Representative appearing on behalf of assessee and Shri P.K. Chakraborty, Ld. Departmental Representative appearing on behalf of Revenue. 5. We have heard rival submissions of both the parties and perused the materials available on record. The Ld. DR relied on the order of Assessing Officer, on the other hand, the Ld. AR has fi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version