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| The Tax Publishers2019 TaxPub(DT) 4892 (Mum-Trib) INCOME TAX ACT, 1961
Section 14A
Admittedly assessee had not received any exempt income during the year under consideration and hence no disallowance under section 14A was warranted.
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Disallowance under section 14A - Expenditure against exempt income - No exempt income earned during the year -
AO noticed investments in assessee's balance-sheet and accordingly invoking section 14A worked out disallowance in terms of rule 8D. Assessee's case was that no exempt income was earned during the year.Held: Admittedly assessee had not received any exempt income during the year under consideration and hence no disallowance under section 14A was warranted.
Relied:Cheminvest Ltd. v. CIT (2015) 61 Taxmann.com 118 : (2015) 378 ITR 33 (Del) : 2015 TaxPub(DT) 3520 (Del-HC) and Pr. CIT v. Ballarpur Industries Ltd. ITA No. 51 of 2016, vide judgment, dated 13-10-2016.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 194H
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