Suo-Motu 14A Disallowance Upheld as Own Funds Exceed Investments

Apcotex Industries Limited Vs ACIT (ITAT Mumbai)

Suo-Motu 14A Accepted – Own Funds Exceed Investments— Further Disallowance Unsustainable

Assessee challenged disallowance u/s 14A amounting to Rs.40,20,144/-. In the return of income, Assessee had already made suo-motu disallowance of Rs.10,21,200/- being 0.5% of the average value of investments. Assessee earned dividend income of Rs.56,31,238/- during the year. AO, however, held that interest expenditure of Rs.3.98 crore was relatable to inve

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