Case Law Details
Case Name : Kalyani Steels Ltd. Vs Addl. Commissioner of Income Tax (ITAT Pune)
Related Assessment Year : 2008- 09
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In this case, assessee has earned by way of dividends a sum of Rs. 5,45,58,685/-, which is exempt u/s 10(38) of the Act and thus the same does not form part of the total income under the Act. In the computation of income, assessee having regard to section 14A of the Act, determined the amount of expenditure incurred in relation to such income at Rs. 5,00,000/-. The Assessing Officer has not found it acceptable and has instead determined the amount of expenditure in relation to such income by applying rule 8D of the Rules. Ostensibly, the action of the Assessing Officer cannot be upheld unless ...
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