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2022 (8) TMI 1503 - ITAT JAIPUR
Disallowance u/s. 14A for expenditure relating to exempt income - CIT(A) deleted addition - HELD THAT:- We are of the opinion that the Assessing Officer is directed to restrict the disallowance u/s. 14A read with rule 8D to Rs. 4,278/- (quantum of exempt income earned) delete the balance amount - The expenditure are higher than the exempt Income, The Ld. CIT(A) has allowed relief on the basis that the disallowance cannot be higher than the dividend income.
Disallowance of expenditure cannot exceed the amount of exempt income. Taking reliance on the Hon'ble jurisdictional Bench in the case Mount Malt Bru Ltd. [2020 (10) TMI 1381 - ITAT JAIPUR] - The matter is been covered and which are identical to the facts of the present case. We dismiss the appeal of the Revenue and uphold the orders passed by the ld. CIT(A). Decided against revenue.