The Tax Publishers2020 TaxPub(DT) 5256 (Del-Trib)

INCOME TAX ACT, 1961

Section 14A

In the absence of exempt income earned during the concerned year, no disallowance could be made under section 14A.

Disallowance under section 14A - Expenditure against exempt income - No exempt income earned during the year -

Assessee challenged disallowance made by AO under section 14A on the ground of no exempt income received during the year. Held: In the absence of exempt income earned during the concerned year, no disallowance could be made under section 14A.

Relied:CIT v. Walfort Share and Stock Brokers (P.) Ltd. (2010) 326 ITR 1 (SC) : 2010 TaxPub(DT) 2087 (SC) and Maxopp Investments Ltd. v. CIT (2018) 402 ITR 640 (SC) : 2018 TaxPub(DT) 1403 (SC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2011-12


INCOME TAX ACT, 1961

Section 37(1)

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