Disallowance Under Rule 8D Valid When No satisfactory explanation given

Inter Globe Finance Limited Vs DCIT (ITAT Kolkata)

No breach of Natural Justice when reply considered – Rule 8d(2)(iii) invoked validly by AO for Section 14A disallowance in absence of satisfactory explanation; ITAT Kolkata Upholds ₹14.32 Lakh Disallowance u/s 14A: No Evidence Provided by Assessee; No Violation of Natural Justice in 14A Disallowance When Show Cause Was Replied To.

The key issues involved are

1) Validity of Section 14A disallowance of ₹14.32 lakh (1% of investments).

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