Disallowance

This query is : Resolved

Lakshay (Querist)
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07 November 2016 Hello sir My client has purchased the shares from his own funds (not the borrowed funds) and has earned the dividend income on the same. Now on scrutiny, the AO has applied Section 14A read with Rule 8D and made the disallowance.. Is AO correct as the investments are from own funds..?? Thnks in advance

Amol S Joglekar

Amol S Joglekar (Expert)
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07 November 2016 please confirm whether your dividend income is TAXABLE or not??????

Lakshay

Lakshay (Querist)
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07 November 2016 dividend income is exempt sir

Amol S Joglekar

Amol S Joglekar (Expert)
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07 November 2016 then?
When the income is exempt, how can you claim the expenditure associated with that?
Please tell me your logic.

Lakshay

Lakshay (Querist)
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08 November 2016 That's wat m saying....sir as per rule 8D, dere is disallowance as per method specified

Amol S Joglekar

Amol S Joglekar (Expert)
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08 November 2016 then what is your problem?

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