ACIT vs. Best & Crompton Engineering Ltd (ITAT Chennai) Rule - TopicsExpress



          

ACIT vs. Best & Crompton Engineering Ltd (ITAT Chennai) Rule 8D(2)(ii) refers to expenditure by way of interest which is not directly attributable to any particular income or receipt. If loans have been sanctioned for specific projects/expansion and have been utilized towards the same, then obviously they could not have been utilized for making any investments having tax-free incomes and have to be excluded from the calculation to determine the disallowance under Rule 8D(2)(ii) (Champion Commercial Co. Ltd (ITAT Kol) followed)
Posted on: Tue, 30 Jul 2013 07:44:39 +0000

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