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| The Tax Publishers2019 TaxPub(DT) 6416 (Mum-Trib) INCOME TAX ACT, 1961
Section 14A
Provisions of section 14A apply to the share of profit earned from partnership firm, irrespective of the fact that the same had been subjected to tax in the hands of partnership firm.
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Disallowance under section 14A - Expenditure against exempt income - Applicability of provision with respect to profit share arising from partnership -
Assessee contended that provisions of section 14A are not applicable to share of profit from partnership firm since the same was subjected to tax in the hands of partnership firm. Held: Following Vishnu Anant Mahajan v. ACIT, provisions of section 14A apply to the share of profit earned from partnership firm.
Followed:Vishnu Anant Mahajan v. ACIT Baroda. (2012) 16 ITR 621 (Ahd) : 2012 TaxPub(DT) 2246 (Ahd-Trib)
REFERRED :
FAVOUR : Against the assessee.
A.Y. :
INCOME TAX ACT, 1961
Section 14A
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