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2018 (3) TMI 1309 - ITAT KOLKATADisallowance u/s 14A - Held that:- As relying on supreme court in the case of WALFORT SHARE & STOCK BROKERS (P) LTD. (2010 (7) TMI 15 - SUPREME COURT) net income of the assessee is computed provided there is income and expenditure and in the assessee’s case under consideration there is no any income and expenditure therefore disallowance of expenditure (which related to the exempt income) is not required. That being so, we decline to interfere in the order of ld CIT(A), his order on this issue is hereby upheld and grounds of appeal raised by the Revenue is dismissed.
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