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2014 (6) TMI 929 - HC - Income TaxDisallowance u/s 14A - Held that:- The assessing authority should take note of these develpoments in deciding whether any expenditure is incurred in earning the said income. The discussion by the assessing authority clearly demonstrates these aspects has not been taken note of and the notional expenditure is calculated pre modernization. When the assessee has not incurred any expenditure for realizing this income, the question of holding that 2% of the gross total income is an expenditure and that has to be added back to the income is unsustainable in law. - Decided in favour of assessee.
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