2020 (12) TMI 654

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..... s not disputed by the Revenue, we do not find any reason to interfere with the order of the Ld. CIT(A). Therefore, we dismiss the Revenue s appeal.
V. Durga Rao, Member (J) And S. Jayaraman, Member (A) For the Appellant : M. Srinivasa Rao, CIT For the Respondents : Saroj Kumar Parida, Advocate ORDER S. Jayaraman, Member (A) 1. The Revenue filed this appeal against the order of the Commissi .....

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..... gistics Pvt. Ltd., (2018) 95 taxmann.com 250 (SC) held that disallowance U/s. 14A r.w. Rule 8D can be made only when there is exempt income. Only those investments which yielded exempt income during the relevant assessment year under consideration ought to be included for the purpose of average value of investment for computing disallowance as per third limb of Rule 8D(2) and accordingly directed .....

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..... Rule 8D on the above lines. 2.3 The learned CIT(A) failed to note as the Hon'ble Supreme Court held in the case of 'Maxopp investments' interpreted in a strict manned to held that dominant or main object would not be a relevant consideration for disallowance u/s. 14A of the Act. 2.4 The learned CIT(A) failed to note that the CBDT has issued circular No. 5/2014 dated 11.02.2014 prov .....

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..... ring the relevant period under consideration, the fact of which is not disputed by the Revenue, we do not find any reason to interfere with the order of the Ld. CIT(A). Therefore, we dismiss the Revenue's appeal. 5. In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open court on the 14th October, 2020 at Chennai.
Case laws, Decisions, Judgements, Orders .....

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