3 results for “depreciation”+ Section 36(1)(iii)clear
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In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed
Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal
depreciation etc and portion of said expenses will be attributable to maintenance of the investment portfolio and to the earning of the exempt income as rightly concluded by the A.O. Thus the disallowance by invoking Rule 8D is justified and is in accordance with the Bombay High Court decision in the case of M/s. Godrej and Boyce Manufacturing