SC to consider AO's power of Sec. 14A disallowance without express recording of dissatisfaction

Apr 21,2017

SC admits assessee’s (an NBFC) SLP against Delhi HC judgment upholding Sec. 14A disallowance computed by AO for AY 2009-10; HC had observed that assessee had suo-motu offered Rs. 25 lakhs as expenses attributable to exempt income u/s 14A, however, AO, after carrying out an elaborate analysis of the provisions as well as Rule 8D, disallowed Rs. 3.87 cr u/s 14A; HC had rejected assessee’s stand that AO cannot proceed with calculation of disallowance un...

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