Disallowance u/s 14A r.w.r. 8D in respect of exempted income

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Last updated: 23 July 2021
Quick Summary
This case involves cross-appeals concerning the disallowance of expenses under Section 14A read with Rule 8D in relation to exempted income. The assessee, Punjab & Sind Bank, contested the disallowance of Rs. 85,98,000, which was also added to their book profit under MAT. The revenue, on the other hand, appealed the deletion of several disallowances made by the Assessing Officer, including those related to depreciation on securities and contributions to the employee pension fund.

Court :
ITAT Delhi

Brief :
ITA No.781/Del/2018 and ITA 1208/Del/2018 are cross appeals by the assessee and revenue preferred against the order of the CIT(A)-7, New Delhi dated 05.12.2017 pertaining to A.Y. 2013-14.

Citation :
ITA No.1208/Del/2018

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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