No Section 14A disallowance if Assessee not used borrowed fund to make investment

Motilal Chunilal & Muktalal Shaw (HUF) & Ors. Vs Asstt. CIT (ITAT Kolkata)

The question raised in appeal is challenging the action of CIT(A) in confirming the addition made on account of Section 14(A) r.w.s. 8D(2)(ii)&(iii) of the Rules..

The assessee earned dividend of Rs. 52,012/- and claimed the same as exempt income. The AO by invoking Rule 8D(ii) and (iii) disallowed an amount of Rs. 24,152/- and added to the said disallowance to the total income o

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