Disallowance under Rule 8D(2) (iii) of I.T Rules shall be made on basis of average value of those investments in which assessee has yielded exempt income: ITAT directs readjudication [Read Order]

By Aparna. M - On September 21, 2023 10:45 am - 3 mins read

Disallowance - Rule- I-T- Rules - - average- value - investments - assessee - exempt- income-ITAT - readjudication -TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Bangalore bench, while directing readjudication in respect of exempt income observed that disallowance under Rule 8D(2)(iii) of the Income Tax Rules should be made on basis of average value of those investments in which assessee has yielded exempt Income. Assessee, Manipal Education is engaged in the business of providing…

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