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). 2) Alleged addition of exempt dividend income of ₹3.38 lakh—whether actually made. 3) Allegation o...