Case Law Details
Aditya Birla Nuvo Limited Vs ACIT (ITAT Mumbai)
Introduction: Aditya Birla Nuvo Limited secured a significant victory when the Income Tax Appellate Tribunal (ITAT) Mumbai granted relief in a recent appeal. The ruling pertained to the disallowance under Rule 8D(2) of the Income Tax Rules, considering investments that had generated exempt income.
Detailed Analysis:
1. Background of the Appeal: The appeal by Aditya Birla Nuvo Limited was previously heard by the ITAT Mumbai, and an order was issued on December 20, 2019. Subsequently, a Miscellaneous Application was filed by the assessee to recall the order for the purpose of addressing specific issues.
2. Recalling the Order: The order was recalled to decide two issues raised by the assessee. The first issue concerned the disallowance of interest under Section 14A of the Income Tax Act, read with the second limb of Rule 8D(2) of the Income Tax Rules. The second issue related to the provision made for leave salary.
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