Case Law Details
Case Name : M/s Thermotech Engineering Vs ACIT (ITAT Pune)
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.
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Nice article very clear