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2013 (7) TMI 359 - HC - Income TaxDisallowance u/s 14A - Assessee claimed dividend income and exemption in administrative expenditure - Tribunal deleted disallowance due to lack of evidence produced by A.O. - Held that:- CIT [A] and the Tribunal both have specifically held the said amount has not been rightly disallowed since the same had been expended from interest free funds, though spent for earning exempt dividend income. It is not the question of the total sum of Rs. 471 lacs, but, a limited sum that has been spent for earning the exempt income, therefore, as rightly held, when there was interest free funds available with the assessee, there does not arise a question of disallowing expenditure under Section 14A of the Act - Decided in favour of Assessee.
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