|
The Tax Publishers2020 TaxPub(DT) 3071 (Ahd-Trib) INCOME TAX ACT, 1961
Section 14A
Since only those investments are to be considered for computing average value of investment which yielded exempt income during year, while making disallowance under section 14A, thus, matter was restored to AO for re-computing disallowance made under section 14A.
|
Disallowance under section 14A - Quantum of - Consideration of only exempt income yielding investments -
Addition was made in terms of section 14A read with rule 8D. Assessee contended that while making disallowance under section 14, consideration of investments from which no exempt income was earned, was invalid.Held: Only those investments are to be considered for computing average value of investment which yielded exempt income during year. Thus, matter was restored to AO for re-computing disallowance made under section 14A.
Followed:Asstt. CIT v. Vireet Investment (P.) Ltd. (2017) 82 taxmann.com 415 (Del-Trib.) (SB) : 2017 TaxPub(DT) 1760 (Del-Trib).
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2014-15 & 2015-16
INCOME TAX ACT, 1961
Section 37(1)
SUBSCRIBE FOR FULL CONTENT |