If Rule 8D is not applicable than indirect expenses which is attributable on proper basis can only be disallowed
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
That on the facts and circumstances of the case and in law, the learned Commissioner of Income Tax (A) has erred in upholding the disallowance of interest and deemed expenses under section 14A of the Income-tax Act read with Rule 8D. That on the facts and circumstances of the case and in law, the learned Commissioner of Income Tax (A) ha failed to appreciate that provisions of sub section (2) and (3) of section 14A are not applicable.
Citation :
Kama Holding Ltd.(Formerly SRF Polymers Ltd.)Block-C, Sector-45, Gurgaon.(Appellant)Vs.ACIT, Cir. 9(1),New Delhi.(Respondent
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CS Bijoy
Published in Income Tax
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