|
The Tax Publishers2020 TaxPub(DT) 4699 (Ahd-Trib) INCOME TAX ACT, 1961
Section 14A
Disallowance under section 14A read with rule 8D could not exceed tax free income earned by assessee
|
Disallowance under section 14A - Expenditure against exempt income - AO made disallowance in excess of tax fee income earned by assessee -
Assessee earned tax-free dividend income amounting to Rs. 4,000. AO invoked section 14A read with rule 8D and made disallowance of Rs. 14,000. Held: Disallowance under section 14A read with rule 8D could not exceed tax-free income earned by assessee and, therefore, assessee was directed to restrict disallowance to extent of dividend income of Rs. 4,000 earned by assessee.
REFERRED :
FAVOUR : Partly in assessee's favour.
A.Y. : 2010-11
INCOME TAX ACT, 1961
Section 68
SUBSCRIBE FOR FULL CONTENT
|