TMI Blog2018 (8) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... ded to reject such amount as expenditure and straightaway applied Rule 8D without adducing any reasons. ITAT did not fall into error in holding as it did; no substantial question of law arises. - Decided against the revenue. - ITA 81/2018, CM APPL.2787/2018, ITA 83/2018, CM APPL.2788/2018 - - - Dated:- 24-1-2018 - Mr. S. Ravindra Bhat And Mr. A. K. Chawla JJ. For the Appellant : Mr. Rah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction per se cannot be accepted. In this case for both years, the assessee had offered amounts as disallowance claiming them to be expenditure for tax exempt income. The Assessing Officer merely proceeded to reject such amount as expenditure and straightaway applied Rule 8D without adducing any reasons. Consequently, the principle enunciated in Taikisha Engineering (supra) clearly applied. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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