that the AO had to enforce the provisions of sub section(1) of
Sec.14A even prior to A.Y. 2008-09. This same issue ... recourse to the prescribed method is mandated by
law. Sub-section (3) of section 14A provides for
the application of sub-section (2) also
restricting the disallowance made by
AO by invoking the provisions of section 14A of the Act read with Rule 8D of the I. T.
Rules ... exempted income should not be disallowed by invoking the
provisions of section 14A of the Act read with Rule 8D of the Rules. The assessee
company for leasing the
lands to the appellant. In terms of Section 14A of the Act, expenditure
incurred in relation to earning any exempted income ... rightly disallowed. Therefore, the said disallowance is upheld in
terms of Section 14A of the Act. The expenditure incurred for earning
agricultural income
ACIT}
by invoking the provisions of Rule 8D read with section 14A of
the Act, on the ground that rule 8D is retrospective in nature ... 6820/Mum/2010
Asstt. Year : 2005-06
read with section 14A of the Act, on the ground that Rule 8D is retrospective
in nature
with
regard to disallowance made by the Assessing Officer under
Section 14A of the Income-tax Act, 1961 (in short ... subject to rectification under Section 154 of the Act. According to
the Ld. representative, disallowance under Section 14A needs to be
examined in detail
part of the addition under section 40(a)(ia) of the Act and
substantially reduced the disallowance under section 14A
of the Act. The assessee ... disallowance under section 40(a)(ia)
was made because no TDS was deducted and that Tribunal
held that provisions of Section 14A read with Rule
meaning of section 40(a)(2)(a) of the I.T. Act. Further,
he also made the disallowance under section 14A ... excessive and confirming disallowance of
Rs.57,90,356 under section ('u/s') 40A(2) of the
Income
third disallowance is made under section 14A of the Income Tax Act, 1961
(the Act) amounting to Rs.1,00,76,221/-.
2. The assessee ... proportionate expenses in relation to such
exempt income in view of section 14A of the Act. The assessee was asked to
justify its claim
Year 2005-06 is dismissed as not pressed.
ISSUE VI - Disallowance u/s 14A read with Rule 8D
8. The brief facts of this issue ... Income Tax Rules in exercise of power under section 14A of the
Income Tax Act without first recording that he was not satisfied with
making any addition to the book profits u/s 115JB towards disallowance
u/s 14A of the Act. Accordingly, the ground no. 4 raised ... Learned AO invoked the provisions of
section 14A of the Act read with Rule 8D(2)(ii) and (iii) of the Rules and made
disallowance
