2016 (9) TMI 552

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..... sideration. Thus, it is not all investment but only that which is expressly spelt out in Rule 8D (iii) which is to be reckoned for the purpose of calculation of average of half percent. Having regard to these circumstances, we are of the opinion that no question of law arises. - ITA 456/2016 - - - Dated:- 19-8-2016 - S. Ravindra Bhat And Deepa Sharma, JJ. For the Appellant : Mr.Ruchir Bha .....

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..... order was of the opinion that the application of Rule 8D was made in a faulty manner. It was noticed that the disallowance on account of expenditure incurred for the exempt income can be restricted on those investments only where the assessee had earned exempt income. 2. The revenue s contention is that the ITAT fell into error in not noticing that the total value of investments was in excess .....

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