{"id":13910,"date":"2020-11-21T15:06:27","date_gmt":"2020-11-21T15:06:27","guid":{"rendered":"https:\/\/itatonline.org\/digest\/acit-v-niit-technologies-ltd-202079-itr-60-delhi-trib-2\/"},"modified":"2020-11-21T15:06:27","modified_gmt":"2020-11-21T15:06:27","slug":"acit-v-niit-technologies-ltd-202079-itr-60-delhi-trib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-niit-technologies-ltd-202079-itr-60-delhi-trib-2\/","title":{"rendered":"ACIT v. Niit Technologies Ltd. (2020)79 ITR 60 ( Delhi) (Trib)"},"content":{"rendered":"<p>Tribunal held that there were sufficient interest-free funds in the form of share capital and reserves available with the assessee to explain the investment in mutual funds. In view of there being no interest expenditure relatable to the investment in the assets yielding exempt income, no disallowance could be made. CIT v. Reliance Utilities and Power Ltd.\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b2009%5d%20313%20ITR%200340\">(2009)\u00a0 313 ITR 340<\/a>\u00a0(Bom)\u00a0(HC) followed . Tribunal\u00a0 held that\u00a0 In the absence of any bifurcation of the expenses, a reasonable estimate had to be made for such disallowance. The Assessing Officer was to restrict the disallowance at 0.5 per cent. of the value of assets which had yielded exempt income. ACB India Ltd. v. ACIT <a href=\"http:\/\/www.taxlawsonline.com\/%5b2015%5d%20374%20ITR%200108\">(2015) 374 ITR 108<\/a>\u00a0(Delhi)(HC) ACIT v. Vireet investment (P) \u00a0Ltd.\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b2017%5d%20058%20ITR%20(Trib)%200313\">(2017) 58 ITR (Trib) 313<\/a>(SB) \u00a0(Delhi) [Trib) followed. (AY.2007-08, 2008-09)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 14A : Disallowance of expenditure &#8211; Exempt income \u2013 Sufficient interest free fund \u2013 No disallowance can be made \u2013 Administrative expenses \u2013 No bifurcation of expenses &#8211;  Disallowance at 0.5 Per Cent. is held to be a reasonable estimation.[ R.8D ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13910","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Cm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13910"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13910\/revisions"}],"predecessor-version":[{"id":13911,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13910\/revisions\/13911"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}