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| The Tax Publishers2020 TaxPub(DT) 2748 (Del-Trib) : (2021) 186 ITD 0272 : (2020) 079 ITR (Trib) 0001 INCOME TAX ACT, 1961
Section 14A
In the absence of no exempt income received by assessee during the year under consideration, no disallowance could be made under section 14A.
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Disallowance under section 14A - Expenditure against exempt income - No exempt income during the year -
AO noticed investments in shares in assessee's balance-sheet and accordingly, invoked section 14A and made disallowance. Assessee's case was that no exempt income was earned during the year.Held: As there was no exempt income received by assessee during the year under consideration, therefore, no disallowance could be made under section 14A.
Followed:Cheminvestment Ltd. (2015) 61 taxman.com 118 (Delhi) : 2015 TaxPub(DT) 3520 (Del-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 69
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