M/S. UNIVERSAL MEDICAP LTD.,VADODARA vs. THE ACIT, CIRCLE-2(1)(1), BARODA

In the result, appeal filed by the Assessee is partly allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

section 14 A envisage that when such expenses related to exempt income cannot be quantified incurred on administrative such as salary, bank charges, office expenditure & ancillary expenses grouped under such administrative cost shall be quantified by way of formula laid down under Rule 8D of I. T. Rules 1962. Hence, the reply of the assessee is not acceptable in view