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| The Tax Publishers2020 TaxPub(DT) 2768 (Mad-HC) INCOME TAX ACT, 1961
Section 14A
Tribunal was justified in holding that since assessee only invested in private limited, un-listed companies and one of companies in which assessee made investment was its own group concern, addition was on higher side.
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Disallowance under section 14A - Expenditure against exempt income - Disallowance held to be on higher side by Tribunal because investment was made only in private companies and group concerns -
Issue was as regards disallowance made under section 14A. Revenue was aggrieved by order of Tribunal holding that since assessee only invested in private limited, un-listed companies and one of companies in which assessee made investment was its own group concern, addition was on higher side. Held: No substantial question of law was there in instant appeal under section 260A. The extent of expenditure to be disallowed under section 14A would naturally depend upon income earned by assessee and spending that income and extent of exemption it had drawn. Since Tribunal discussed relevant facts in its order, there was no perversity in order passed by Tribunal and disallowance made under section 14A was just and reasonable.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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