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| The Tax Publishers2021 TaxPub(DT) 1199 (Mum-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 in assessee's balance sheet and made disallowance under section 14A. Assessee challenged this on the ground of no exempt income earned durng the year. Held: In the absence of exempt income earned during the year, no disallowance could be made under section 14A.
Relied:Jt. Investments Pvt. Ltd. v. CIT (2015) 372 ITR 694 (Del-HC) : 2015 TaxPub(DT) 1375 (Del-HC)Cheminvest Limited v. CIT (2015) 378 ITR 33 (Del) : 2015 TaxPub(DT) 3520 (Del-HC) and Asstt. CIT v. Ballarpur Industries Ltd. ITA No. 346 to 379/NAG/2014, dated 4-12-2015.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12, 2012-13 & 2013-14
INCOME TAX ACT, 1961
Section 35(2AB)
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