Case Law Details
Case Name : DCIT Vs. Nalwa Investments Ltd (ITAT Delhi)
Appeal Number : ITA No. 3805(Del)/2010
Date of Judgement/Order : 29/10/2010
Related Assessment Year : 2005- 06
Courts :
All ITAT ITAT Delhi
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DCIT Vs. Nalwa Investments Ltd (ITAT Delhi)– Though the computation of s. 14A dis allowance was not made, the figures of dividend and interest were stated in the P&L A/c. Even the tax auditors did not state that s. 14A dis allowance should be made. As there is no allegation by the AO that there was collusion between the auditor and the assessee to ignore s. 14A, it cannot be said that the explanation was not bona fide. Further, as Rule 8D was not enacted at the time, segregation of expenditure relatable to tax-free income would be disputable and lead to bona fide difference in opinion. So, penalty u/s 271(1)(c) cannot be levied.
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH ‘F’ DELHI
BEFORE SHRI C.L. SETHI AND SHRI K.G. BANSAL
DELHI BENCH ‘F’ DELHI
BEFORE SHRI C.L. SETHI AND SHRI K.G. BANSAL
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