ITAT has directed A.O to examine the interest free funds available and grant relief under rule 8D(iii) in case of Mehta Financial Services Ltd.

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Last updated: 22 January 2021
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The Income Tax Appellate Tribunal (ITAT) Mumbai has instructed the Assessing Officer (AO) to re-examine the availability of interest-free funds. This is in relation to a disallowance of Rs 8,55,173 made under Section 14A read with Rule 8D. The tribunal suggests that relief should be granted under Rule 8D(iii) after this examination.

Court :
ITAT Mumbai

Brief :
This appeal by the assessee is directed against order of learnedCommissioner of Income Tax (Appeals) [in short learned CIT(A)] dated 8.11.2019 and pertains to assessment year 2013-14.

Citation :
I.T.A. No. 515/Mum/2020

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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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