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CIT vs. Everest Kanto Cylinders Ltd.; 378 ITR 57 (Bom):
For the A. Y. 2007-08, the assessee and the Assessing Officer worked out the amount disallowable u/s. 14A read with rule 8D at Rs.20,27.896/- Before the Tribunal the assessee pointed out that the disallowance is on a higher side and claimed that a reasonable amount should be disallowed. The Tribunal restricted the disallowance to Rs. 1 lakh.
On appeal by the Revenue, the Bombay High Court upheld the decision of the Tribunal and held as under:
“The Tribunal had gone into the factual aspects in great detail and interpreted the law as it stood on the relevant date. Therefore, the order of the Tribunal restricting the disallowance to Rs. 1 lakh u/s. 14A was justified.”
