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| The Tax Publishers2019 TaxPub(DT) 5063 (Pune-Trib) INCOME TAX ACT, 1961
Section 14A
In the absence of exempt income earned during the year, no disallowance could be made under section 14A.
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Disallowance under section 14A - Expenditure against exempt income - No exempt income earned during the year -
AO noticed investments in shares as appearing in assessee's balance-sheet and accordingly invoked section 14A read with rule 8D. Assessee's case was that no exempt income was earned during the year. Held: In the absence of exempt income earned during the year, no disallowance could be made under section 14A.
Applied:CIT v. Chettinad Logistics (P) Ltd. (2018) 95 Taxmann.com 250 (SC) : 2018 TaxPub(DT) 4126 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
INCOME TAX ACT, 1961
Section 80-IA(4)
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