Case Law Details
Dipajyoti Resources Pvt. Ltd. Vs. ITO (ITAT Kolkata)- After hearing the rival submissions and on careful perusal of materials available on record keeping in view of the fact that since the assessment year involved in this appeal is relating to A.Yr. 2004-05 as per the decision of the Hon’ble Bombay High Court in the case of Godrej and Boyce Mfg. Pvt. Ltd. (supra) relied upon by the ld. Counsel for the assessee, Rule 8D is not applicable in the assessment year under consideration. This Tribunal has been taking a consistent view of sustaining the disallowance u/s 14A at 1% of the dividend income. Accordingly we direct the AO to disallow 1% of the dividend income as expenditure relevant to earning of dividend income. We order accordingly.
INCOME TAX APPELLATE TRIBUNAL,KOLKATA
ITA No. 1561/Kol/2008- Assessment Year: 2004- 05
Dipajyoti Resources Pvt. Ltd., Kolkata
Versus-
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