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Section 14A Disallowance Rejected for No Nexus With Borrowed Funds
Case Law Details
- Case Name
- Delite Infrastructure Pvt. Ltd Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Delite Infrastructure Pvt. Ltd Vs ACIT (ITAT Delhi)
No Section 14A Disallowance Without Nexus: ITAT Deletes ₹1.29 Cr Where Borrowed Funds Not Used for Exempt Income
The Delhi ITAT partly allowed the assessee’s appeal and held that disallowance under Section 14A read with Rule 8D was unsustainable where borrowed funds were not used for making investments yielding exempt income. The Assessing Officer had disallowed ₹1.29 crore by invoking Section 14A on the premise that borrowed funds were utilised for earning dividend income from mutual funds. Though the Tribunal upheld that the AO had pr...
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