| COURT: | ITAT Mumbai |
| CORAM: | C. N. Prasad (JM), Rajesh Kumar (AM) |
| SECTION(S): | 14A, Rule 8D |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Disallowance u/s 14A & Rule 8D |
| COUNSEL: | G. S. Pikale |
| DATE: | October 31, 2017 (Date of pronouncement) |
| DATE: | December 30, 2017 (Date of publication) |
| AY: | 2012-13 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 14A/ Rule 8D: By no stretch of imagination can s. 14A or Rule 8D be interpreted so as to mean that entire tax exempt income is to be disallowed. Also, the disallowance cannot exceed the exempt income | |
The Hon’ble Delhi High Court in the case of Joint Investment Private Limited in ITA.No. 117/15 dated 25.02.2015 held that by no stretch of imagination can section 14A or Rule 8D be interpreted so as to mean that entire tax exempt income is to be disallowed. Similarly, Punjab and Haryana High court in the case of PCIT v. Empire Package Private Limited in ITA.No. 415/2015 held that disallowance should not exceed exempt income
Recent Comments