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2019 (6) TMI 440

..... voluntarily disallowance by assessee of ₹ 7.79 Lakhs - HELD THAT:- Sub-section (2) of Section 14 of the Act provides that the Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be prescribed, if the Assessing Officer, having regard to the accounts of .....

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..... claim of expenditure in relation to its business activities was ₹ 24.19 Lakhs out of which, the assessee had voluntarily reduced sum of ₹ 7.79 Lakhs in relation to income not forming part of the total income. The Tribunal accepted such working out. Quite apart the correctness of the approach of the Tribunal, accepting stand of the Assessing Officer would lead to disallowance of expendi .....

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..... ented for our consideration:- Whether on the facts and circumstances of the case and in law, the Tribunal was justified in restricting the disallowance to the extent of expenses claimed through no such restriction is prescribed under Rule 8D of the Income Tax Rules? 3. Respondent - assessee is a Private Limited Company and is engaged in the business of making investments, earning interest income a .....

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..... Revenue. 4. Mr. Suresh Kumar, the learned counsel for the Revenue submitted that once Rule 8D of the Income Tax Rules was held applicable, the formula contained in sub-rule (2) thereof had to be applied. The Tribunal erroneously restricted the disallowance to the one offered by the assessee. On the other hand, learned counsel for the assessees pointed out that the assessee had no interest expendi .....

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..... e the Assessing Officer having regard to the accounts of the assessee is not satisfied with the correctness of the claim of expenditure made by the assessee or that the assessee claims that no expenditure has been incurred in relation to income which does not form part of the total income, the Assessing Officer would determine the amount of expenditure in terms of sub-rule (2). For applicability o .....

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