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The Tax Publishers2020 TaxPub(DT) 5030 (Pune-Trib) INCOME TAX ACT, 1961
Section 14A Rule 8D
No disallowance under section 14A read with rule 8D could be made as there was absence of any exempt income reported by the assessee during the year under consideration.
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Disallowance under section 14A - Expenditure against exempt income - Absence of exempted income -
Revenue filed appeal against the order of CIT(A) wherein he deleted the addition made on account of disallowance under section 14A read with rule 8D. Held: No infirmity could be found in the order of CIT(A) deleting the disallowance made by AO under section 14A as the absence of any exempt income reported by the assessee during the year under consideration, there was no question of making any disallowance under section 14A. The same was accordingly upheld on this issue dismissing the appeal of the revenue.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2011-12
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