ITAT deletes section 14A disallowance enhanced by CIT(A)

Geetanjali Hotels & Promoters Pvt. Ltd. Vs ACIT/DCIT (ITAT Jaipur) It is noted from the record that the assessee company is engaged in the business of Hotel Industries and Toll Tax Collection. During the course of assessment proceedings, the AO noted that the assessee company had debited the interest expenses amounting to Rs. 4,23,15,400/-. During the course of assessment, the AO was of the view that the income received by the assessee from investments made in AOP is exempted and consequently he applied the Section 14A r.w.rule 8D made disallowance of Rs.16,67,662/-. In first appeal, the ...