Revenue's Appeal Dismissed by ITAT Kolkata for A.Yr. 2007-08 - 1% Dividend Income Expenditure Disallowed The Appellate Tribunal ITAT Kolkata dismissed the Revenue's appeal against the order of CIT(A)-Central-III, Kolkata for A.Yr. 2007-08. The Tribunal ...
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Revenue's Appeal Dismissed by ITAT Kolkata for A.Yr. 2007-08 - 1% Dividend Income Expenditure Disallowed
The Appellate Tribunal ITAT Kolkata dismissed the Revenue's appeal against the order of CIT(A)-Central-III, Kolkata for A.Yr. 2007-08. The Tribunal directed the AO to disallow 1% of the dividend income as expenditure relevant to earning of dividend income, as Rule 8D was not applicable for the assessment year. The appeal of the revenue was dismissed on 07.03.2012.
The Appellate Tribunal ITAT Kolkata dismissed the Revenue's appeal against the order of CIT(A)-Central-III, Kolkata for A.Yr. 2007-08. The issue was about disallowance u/s 14A of the IT Act read with Rule 8D of IT Rules. The Tribunal directed the AO to disallow 1% of the dividend income as expenditure relevant to earning of dividend income, as Rule 8D was not applicable for the assessment year. The appeal of the revenue was dismissed on 07.03.2012.
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