Rule 8D disallowance not applicable where assessee has no investments– ITAT

Advertisement Brief of the Case ITAT Kolkata held In the case of DCIT vs. M/s G.K.K. Capital Markets (P) Limited that in case AO has not recorded satisfaction about the correctness of the claim of the assessee and straight away calculated the disallowance u/s 14A read with rule 8D, this disallowance is not maintainable. Also it is clear that the AO could not find any fault in the computation of disallowance made by assessee and the assessee does not have any investment and all the shares are held as stock in trade, as is evident from the orders of the lower authorities. Once, the assessee h...