ITAT upheld deletion as investment was for strategic purpose
May. 11, 2016
Binani Cements declared total income at Nil and revised book profits u/s 115JB at Rs 33,90,47,340. It claimed disallowance of Rs. 1,37,12,550 u/s 14A. AO made disallowance u/s 14A r/w r 8D(ii) without adducing any cogent reasons. It rejected the reduction. CIT(A) deleted the disallowance u/s 14A & 115JB, and granted reduction. ITAT upheld the reduction and deletion as investment made was for strategic purpose and not to earn any exempt income.-5010…
