No S. 14A/ Rule 8D Disallowance if accounts not examined. Consent fee paid to SEBI is not penalty for infraction of law

ITO vs. Reliance Share and Stock Brokers (P) Ltd (ITAT Mumbai)

Re Disallowance made u/s 14A r.w. rule 8D (i) It is now settled principle that the assessing officer has to examine the disallowance made by the assessee by having regard to the accounts of the assessee and only thereafter the AO, if he is not satisfied with the correctness of the claim, shall determine the […]