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The Tax Publishers2021 TaxPub(DT) 4043 (Del-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 pleaded to have earned no exempt income during the year. Held: In the absence of exempt income earned during the year, no disallowance could be made under section 14A.
Followed:Cheminvest Ltd. v. CIT-VI ITA No. 749/2014 vide their Judgment, dt. 2-9-2015 : 2015 TaxPub(DT) 3520 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
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