Thursday, February 14, 2019

AO couldn't apply Rule 8D just because interest free & interest bearing funds were used for making investment

IT : Mere fact that assessee availed of mixed funds i.e. interest free as well as interest bearing funds, and utilised them for making investments in securities earning tax free income, applicability of section 14A, read with rule 8D would not be automatic

from www.taxmann.com Latest Case Laws http://bit.ly/2ST2HqA

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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