{"id":3332,"date":"2018-12-20T05:30:27","date_gmt":"2018-12-20T05:30:27","guid":{"rendered":"http:\/\/itatonline.org\/digest\/gold-seal-engineering-products-p-ltd-v-acit-2018-66-itr-37-snmum-trib\/"},"modified":"2018-12-20T05:30:27","modified_gmt":"2018-12-20T05:30:27","slug":"gold-seal-engineering-products-p-ltd-v-acit-2018-66-itr-37-snmum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/gold-seal-engineering-products-p-ltd-v-acit-2018-66-itr-37-snmum-trib\/","title":{"rendered":"Gold Seal Engineering Products P. Ltd. v. ACIT (2018) 66 ITR 37 (SN)(Mum.) (Trib.)"},"content":{"rendered":"<p>Assessee company made suo motu disallowance u\/s. 14A r.w.r. 8D, which was much more than the exempt income. The AO enhanced the disallowance by recomputing amount u\/r. 8D(2)(ii) and 8D(2)(iii). The Tribunal observed that Assessee\u2019s own funds were higher than investments and that disallowance could not be made u\/r. 8D(2)(ii). It further held that the disallowance u\/s. 14A could not exceed the exempt income, notwithstanding that Assessee\u2019s suo-motu disallowance was more than exempt income.\u00a0 (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 14A :\tDisallowance of expenditure &#8211; Exempt income \u2013 Disallowance cannot exceed exempt income notwithstanding Assessee\u2019s suo-motu disallowance  is more than exempt income. [ 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":[1],"tags":[],"class_list":["post-3332","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-RK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3332","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=3332"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3332\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}