Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The only issue for consideration relates to disallowance u/s 14A of the Act. The facts of the case stated in brief are that during the year under consideration the assessee company had earned dividend income of Rs.5,32,09,158/- and claimed the same as exempt to tax. The Assessing Officer required the assessee to explain as to why the disallowance in terms of sec. 14A read with Rule 8D should not be made. The assessee furnished details of working of disallowance under Rule 8D. However, as against total disallowance of Rs.1,66,57,982/- worked out by the assessee, the AO made disallowance of Rs.2,04,25,115/-
Citation :
Asstt. Commissioner of Income-tax, Circle 12(1), New Delhi. (Appellant) Vs. M/s. Hexa Securities & Finance Co. Ltd., 28, Najafgarh Road, New Delhi-110015. PAN/GIR No.AABCH0944A. (Respondent)
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