Interest Bearing Funds Not Applied for the Purpose of Making Investments: ITAT Deletes Disallowance u/s 14A r.w.r 8D(2)(ii) of Income Tax Rules [Read Order]

By Fathima Karama A.M - On October 3, 2023 11:00 am - 2 mins read

Interest - Funds - Investments - Interest Bearing Funds Not Applied for the Purpose of Making Investments - ITAT - taxscan

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance made under Section 14A of the Income Tax Act 1961 read with Section 8D(2)(ii) of the Income Tax Rules 1962. The assessee, Apeejay Pvt. Ltd was a private limited company engaged in the business of operating business centres and letting out. Its…

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