DCIT v. Meyer Apparel Ltd. - Taxpublishers.in

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The Tax Publishers2021 TaxPub(DT) 0089 (Del-Trib)

INCOME TAX ACT, 1961

Section 14A

In the absence of tax-free income earned during the year, no disallowance was called for 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 pleading that no exempt dividend income was earned by assessee during the year. Held: As no dividend was earned during the year, no disallowance was called for under section 14A.

Relied:CIT v. Holcim India Pvt. Ltd. 90 CCH 81 (Del) (HC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2012-13

INCOME TAX ACT, 1961

Section 41(1)