Investments yielding exempt income to be considered while computing disallowance u/s. 14A

Advertisement DCIT Vs Aryan Mining And Trading Corporation Limited (ITAT Kolkata) ITAT Kolkata held that only those investments which have yielded exempt income during the year should be considered for computing disallowance under section 14A read with rule 8D of the IT Rules. Accordingly, appeal of revenue dismissed. Facts- The assessee company e-filed its original return under sec 139(1) of the Income Tax Act, 1961 was filed on 28.09.2015 disclosing a total income of ₹20,32,46,910/-. The case was selected for Limited scrutiny through CASS and notice u/s 143(2) and 143(1) were issued an...