|
The Tax Publishers2020 TaxPub(DT) 1520 (Mum-Trib) INCOME TAX ACT, 1961
Section 14A Rule 8D(2)(ii)
Where assessee was having sufficient own interest free funds to cover the investment made by it, the disallowance made under rule 8D(2)(ii) would not be sustainable.
|
Disallowance under section 14A - Expenditure against exempt income - Assessee having sufficient interest free funds to cover investments -
Assessee-company made suo-moto disallowance under section 14A. AO enhanced such disallowance by invoking provisions of rule 8D(2)(ii). Held: Since assessee was having sufficient own interest free funds to cover the investment made by it, the disallowance made under rule 8D(2)(ii) was not sustainable.
REFERRED : CIT v. HDFC Bank Ltd., 49 taxmann.com 335(Bom)
FAVOUR : In assessee's favour.
A.Y. :
INCOME TAX ACT, 1961
Section 14A Rule 8D(2)(iii)
SUBSCRIBE FOR FULL CONTENT
|