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| The Tax Publishers2019 TaxPub(DT) 7638 (Mum-Trib) INCOME TAX ACT, 1961
Section 14A
In the absence of any exempt income, no disallowance under section 14A was merited.
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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, worked out disallowance under section 14A read with rule 8d though no exempt income was earned during the year. Held: In the absence of any exempt income, no disallowance under section 14A was merited.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 115JB Section 14A
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