ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

254 ITR 248). The CIT(A) held that disallowance can be more than earned income by placing reliance on the CBDT Circular No. 5/2014 dated 11.02.2014 wherein it was stated that provisions of section 14Ar.w. rule 8D would be applicable even in a year in which taxpayer has not earned any exempt income. Thus, the CIT(A) confirmed the action

M/S ASPINWALL & CO.,LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

Bench: S/Shri Chandra Poojari, Am&George George K., Jm