Held that the assessee had not disputed the applicability of rule 8D of Rules for computing disallowance of expenses under section 14A of the Act. The Assessing Officer had determined the disallowance under section 14A read with rule 8D of the Income-tax Rules, 1962 at 0.5 per cent. on the average value of investments. The disallowance determined by the Assessing Officer was in accordance with law. (AY.2008-09 to 2010-11)
Rane Engine Valves Ltd. v. Dy. CIT (2022) 95 ITR 5 (SN) (Chennai)(Trib)
S. 14A : Disallowance of expenditure-Exempt income-Determining disallowance at 0.5 Per Cent. of average value of investments-Disallowance in accordance with law.[R.8D]