2017 (6) TMI 1329

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....ICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER For the Assessee : Shri S. Balasubramanian, CIT For the Revenue : Sh. R. Vijayaraghavan, Advocate ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: Both the appeals of the Revenue and assessee are directed against the very same order of the Commissioner of Income Tax (Appeals)-3, Chennai, dated 31.03.2016 and pertain to assessmen....

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....s), in fact, placed his reliance on the decision of this Tribunal in Visteon Technical & Services Centre (P) Ltd. v. ACIT (24 taxmann.com 353). We have carefully gone through the provisions of Section 10A of the Income-tax Act, 1961 (in short 'the Act'). For the purpose of maintaining parity, the factors which were excluded from the export turnover should also be excluded from total turnov....

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....the Ld. Departmental Representative. The Assessing Officer found that the assessee earned dividend income of Rs. 14,76,75,464/- which was exempted from taxation. The Assessing Officer computed the disallowance by applying provisions of Rule 8D(2) of the Income-tax Rules, 1962. The Assessing Officer found that the assessee has paid interest on borrowed funds to the extent of Rs. 47,41,678/-. The As....

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.... the claim made by the assessee towards expenditure for earning the income is not correct, he can recompute the same by applying Rule 8D. This Tribunal is of the considered opinion that computation of expenditure under Rule 8D is mandatory. The method of computation by applying Rule 8D is not in dispute. Therefore, this Tribunal do not find any reason to interfere with the order of the lower autho....