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| The Tax Publishers2019 TaxPub(DT) 7819 (Hyd-Trib) INCOME TAX ACT, 1961
Section 14A
No disallowance under section 14A was called for when there was no exempt income earned by assessee during respective financial year.
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Disallwance under section 14A - Expenditure against exempt income - No exempt income earned during the year -
AO disallowed interest expenditure of Rs. 10,68,463 under section 14A. Assessee contended that it has not earned any exempt income i.e. dividend income during the relevant assessment year. Held: No disallowance under section 14A was called for when there was no exempt income earned by assessee during respective financial year.
Followed:Chemivest Pvt. Ltd. (2015) 378 ITR 33 (Del) : 2015 TaxPub(DT) 3520 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
INCOME TAX ACT, 1961
Section 92C
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