Case Law Details
Case Name : M/s Thermotech Engineering Vs ACIT (ITAT Pune)
Appeal Number : ITA No.- 533/PN/2013
Date of Judgement/Order : 30/10/2015
Related Assessment Year : 2009-10
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Brief of the case:
The ITAT bench of Pune in the case of M/s Thermotech Engineering held that where the assessee has earned exempt income and incurred expenditure by way of interest which is not directly attributable to any particular income, the assessee is liable to fact the disallowance to be worked as per Rule 8D(2)(ii) unless it is established that investment in mutual funds were from independent sources on which no interest expenditure was incurred.
Facts of the case:
- The assessee firm was engaged in designing, manufacturing and supply of reactors, pressure vessels, agitators, tanks, etc. During the course of assessment proceedings, the Assessing Officer noted that the assessee had earned exempt income of Rs.24,18,535/- i.e. the dividend on mutual fund.
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Author Bio
Nice article very clear