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Section 14A8 Section 36(1)(viia)4

ACIT, NAINITAL vs. M/S. THE NAINITAL BANK LTD., UTTRAKHAND

In the result, the appeal of the Revenue is dismissed

ITA 6018/DEL/2016[2013-14]Status: DisposedITAT Dehradun05 Mar 2021AY 2013-14

Bench: Hon’Ble Mr. Justice P.P. Bhatt & Shri G.S. Pannu, Hon’Bleassessment Year : 2013-14

For Appellant: Shri N.C. Upadhyay, Senior DRFor Respondent: Shri K.R. Rastogi, FCA

Section 10Section 14ASection 36(1)(vii)Section 36(1)(viia)

2)(ii) of the Rules requires to be applied in order to make a partial disallowance out of interest expenditure in respect to exempt income, in terms of Section 14A of the Act. The CIT(A), however, concurred with the position canvassed by the assessee and found no reasons to sustain the disallowance of Rs.1,55,24,593/- made