Dear Sir/Madam
I want to know whether share of income from A.O.P which is not taxable in the hands of member attracts sec 14A disallowance. Further while calculating avg value of investment u/s 14A r.w. rule 8D invesment made in A.O.P is to be considered or not.
Since share income from A.O.P is not directly exempt u/s 10, i am confused regarding applicabilty of sec14A to this income.
Kindly update my knowledge.
Thanking you all in advance.
Sachin Gupta
CAclubindia
