2018 (2) TMI 1215

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....URESHI) Revenue has filed this Appeal challenging the judgment and order dated 31st May 2017, raising the following questions for our consideration : [A] "Whether the Appellate Tribunal has erred in law and on facts by deleting the addition of Rs. 88,231,450/= made under Section 14A of the Act on account of expenses incurred towards the exempted income as per Rule 8D of the Income Tax Rules ?" ....

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.... disallowed certain interest expenditure as well as inflated the administrative expenditure shown by the assessee for earning such tax exempt income. The Tribunal found that the assessee had surplus tax free funds, and therefore, there was no question of disallowance of any interest income. We are however concerned with the latter portion of the disallowance, namely, that made by the Assessing Of....