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| The Tax Publishers2020 TaxPub(DT) 3207 (Ctk-Trib) INCOME TAX ACT, 1961
Section 14A
Disallowance under section 14A was to be restricted up to exempt income received by assessee during the year.
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Disalllowance under section 14A - Expenditure against exempt income - AO made disallowance in excess of exempt income -
Assessee earned tax-free dividend income. AO made disallowance under section 14A in excess of tax free income. Held: Disallowance under section 14A was restricted up to exempt income received by assessee during the concerned year.
Followed:Maxopp Investment Ltd. v. CIT (2018) 91 taxmann.com 154 (SC) : 2018 TaxPub(DT) 1403 (SC)
REFERRED :
FAVOUR : Partly in assessee's favour
A.Y. : 2013-14 & 2014-15
IN THE ITAT, CUTTACK BENCH
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