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ACIT vs. Best & Crompton Engineering Ltd (ITAT Chennai)
July, 30th 2013

S. 14A/ Rule 8D: Interest on loans for specific taxable purposes to be excluded

In AY 2009-10, the assessee contended that in computing the disallowance to be made u/s 14A and Rule 8D(2)(ii), the interest on bank loans and term loans taken for specific taxable purposes had to be excluded. The AO rejected the claim though the CIT(A) accepted it. On appeal by the department to the Tribunal, HELD:

Rule 8D(2)(ii) refers to expenditure by way of interest which is not directly attributable to any particular income or receipt. If loans have been sanctioned for specific projects/expansion and have been utilized towards the same, then obviously they could not have been utilized for making any investments having tax-free incomes and have to be excluded from the calculation to determine the disallowance under Rule 8D(2)

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