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| The Tax Publishers2019 TaxPub(DT) 3093 (Bang-Trib) INCOME TAX ACT, 1961
Section 14A
Since the disallowance under section 14A cannot exceed the exempt income, therefore, the disallowance under section 14A in the instant case was restricted to the exempt dividend income earned by assessee.
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Disallowance under section 14A - Expenditure against exempt income - Disallowance exceeding the exempt income itself - Quantum of
Assessee assailed the disallowance under section 14A made by AO contending that the disallowance had exceeded the exempt income itself. Held: The disallowance under section 14A cannot exceed the exempt income. Therefore, the disallowance under section 14A in the instant case was restricted to the exempt dividend income earned by the assessee in the year under consideration.
Followed:Cheminvest Ltd. v. CIT [TS-5469- HC-2015 (Del)] Joint Investments Pvt. Ltd. v. CIT (2015) 372 ITR 694 (Del) : 2015 TaxPub(DT) 1375 (Del-HC) CIT v. Holcim India Pvt. Ltd. (2014) 272 CTR 282 (Del) : 2014 TaxPub(DT) 3780 (Del-HC) Future Corporate Resources Ltd. (Formerly known as Simpleton Investrade P. Ltd. v. Dy. CIT [ITA No.4658/Mum/2015 dated 26-7-2017] : 2017 TaxPub(DT) 4273 (Mum-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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