No initiation of disallowances is required under Rule 8D(2)(i) if Direct Expenses not debited to P/L Account of Business: ITAT sets aside Order of CIT(A) [Read Order]

By Sunayana Dhal - On August 17, 2023 8:30 pm - 2 mins read

No initiation - disallowances - No initiation of disallowances - Direct Expenses - Account of Business - Business - ITAT - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that no initiation of disallowances is required under Rule 8D(2)(i) if direct expenses are not debited to the profit and loss account of the business. The assessee is engaged in the business of trading in textiles through her proprietary concern M/s. Lotus Fabrics. The…

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