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2014 (9) TMI 1094 - AT - Income TaxAddition u/s 14A - Disallowance being the administrative expenses and finance charges (interest paid) for the money borrowed on the amount utilized for purchase of shares u/s. 14A - Held that:- CIT vs. Winsome Textile Industries Ltd. (2009 (8) TMI 220 - PUNJAB AND HARYANA HIGH COURT) held that where there is no claim for exemption of income in such situation sec. 14A has no application. In the present appeal also since the Assessee company has not claimed any exempt income during the year, therefore, there is no question of disallowance of expenditure. Respectfully following the aforesaid decisions we delete the disallowance made u/s. 14A. Also see CIT vs. Delite Enterprises [2009 (2) TMI 498 - BOMBAY HIGH COURT ] - Decided in favour of assessee.
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