Tribunal held that on the facts of the matter it is not possible to maintain separate books of account. The AO is directed to restrict the disallowance on a reasonable basis. (AY.2010-11,2011-12)
ITC Ltd v. ACIT (2024) 230 TTJ 921 / 38 NYPTTJ 626 (Kol)(Trib)
S.14A : Disallowance of expenditure-Exempt income-Not possible to maintain separate books of account-The AO is directed to restrict the disallowance on a reasonable basis.[R.8D(2)(iii)]
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