considering the
appellant's request for not making any disallowance
u/s 14A which was initially made by the appellant while
filing the return ... ground No.6, the assessee has agitated the
disallowance of expenditure u/s 14A of the Income Tax Act which was
initially made
exempt income earned by the
assessee under the provision of section 14A of the
Act.
14. Briefly stated, the A.O. on noticing that ... disallowance under
section 14A of the Act with respect to interest
expenditure can be made. A s regards
claim of the assessee, and in both under
sub-section (2) of section 14A of the Act and under sub-rule (1) of Rule ... held that a clear fulfillment of the requirement in sub-
section (2) of Section 14A the of the Act as well as sub-rule
section 80IA of the Act was
allowed with minor adjustments on account of
allocation of certain expenses and disallowance of
expenses under section 14A ... exempt income of ₹ 1,04,836/-. He invoking the
provisions of section 14A read with Rule 8D of the Income Tax
Rules and computed
incorrect, but had only stated
that as per the provisions of Section 14A the onus was on the assessee to prove
that ... only stated that as
per the provisions of Section 14A , the onus was on the assessee to prove that it had not incurred
any expenditure
relation to earning of exempt income as
per the provisions of section 14A of the Act.
3. Brief facts relating to the issue are that ... incurred to earn exempt
income required to be disallowed as per section 14A
read with Rule 8D of the Income Tax Rules, 1962. The
assessee
disallowance made by the A.O. by
invoking the provisions of Section 14A of the Income Tax Act, 1961 (hereinafter
referred ... companies. He asked the assessee to furnish
calculation of disallowance under section 14A of the Act. The assessee
submitted that the disallowance was wrongly added
2014 dated 11.02.2014,
which clarifies that Rule 8D read with section 14A of the
Act provides for disallowance of the expenditure even
where tax payer ... income claimed as deduction u/s 80P(2)(d)
of the Act. Moreover, the applicability of section 14A r.w.r.
8D has been upheld
erred in sustaining the
addition of Rs.64,07,002/- made u/s 14A of the
Income Tax Act, 1961 by the Ld. Assistant
Commissioner ... proceedings as well as during the course of appellate
proceedings, whereas section 14A is not applicable
in the case of assessee. Therefore, addition
receipt of any exempt income
during the relevant assessment year, section 14A cannot be
invoked. This view has been affirmed by various courts ... under section 36(1)(iii) as an
expenditure incurred wholly and exclusively for the purpose of
business. When prior to introduction of section 14A
