Relief to IDFC: ITAT Directs AO to Limit Disallowance u/s 14A to 0.5% of Exempt Income Earned Based on Rule 8D(2)(iii) [Read Order]
Considering the AO exceeded the disallowance, ITAT directed to limit it to 0.5% of exempt income earned by the assessee
By Kavi Priya - On October 4, 2024 1:55 pm - 2 mins read
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed the assessing officer (AO) to limit the disallowance under Section 14A to 0.5% of exempt income earned by the assessee based on Rule 8D(2)(iii) of the Income Tax Rules, 1962. Infrastructure Development Finance Company Limited (IDFC), the assessee received dividends of Rs. 134.25 crore and…
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