Investment in Gold and Foreign Companies Should be Excluded: ITAT upholds Order of CIT(A) [Read Order]
The ITAT observed that since the assessing officer himself has accepted that investment in gold and foreign companies should be excluded then the assessee has sufficient own funds, which are more than investments related to exempt income.
In a recent case, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that investment in gold and foreign companies should be excluded but while computing the disallowance under section 14A r.w.r.8D(2)(iii) had included the same and upheld the order of the Commissioner of Income Tax(Appeals). M/s Macrotech Developers Limited, the respondent assessee…
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