Prism Cement Ltd. vs DCIT

Authority: ITAT Tribunal/Court: Mumbai Date: 2021-01-04 AY: 2011-12, 2012-13 Section: 14A, 8D, 115JB(2), 32, 80HHC Acts: Income Tax Act 1961 Result: Partly Citation: 121Taxpundit304 Justices: C. N. PRASAD, JM & S. RIFAUR RAHMAN, AM Appeal No: I.T.A. No. 804 & 805/Mum/2018
Whether the Assessing Officer (AO) must record objective satisfaction before invoking Rule 8D for disallowance under Section 14A of the Income Tax Act 1961 --- Held Yes; Whether disallowance under Section 14A can exceed the exempt income earned --- Held No; Whether disallowance under Section 14A can be added while computing book profit under Section 115JB --- Held No.

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