Held, that the assessee had not maintained any separate books. The assessee failed to establish that it had not incurred any expenditure for earning the exempt income. Therefore, the Assessing Officer had rightly applied rule 8D to calculate the disallowance. (AY. 2010-11, 2011-12)
Angelica Properties P. Ltd. v. Add. CIT (2023)105 ITR 442 (Pune) (Trib) Vason Engineers Ltd v. Add. CIT (2023)105 ITR 442 (Pune) (Trib)
S.14A : Disallowance of expenditure-Exempt income-Interest expenses-Not maintaining separate books for investments-Disallowance by the Assessing Officer is affirmed. [R.6D]