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2016 (10) TMI 1216 - AT - Income TaxDisallowance u/s 14A r.w.r 8D - assessee had not earned any exempt income during the year - where no fresh investment has been made and no dividend has been earned by the assessee during the year under consideration, the question which arises is whether any disallowance could be made on account of expenses attributable to earning of exempt income. Held that:- In view of judicial precedents, there is no merit in the orders of authorities below in the absence of any exempt income earned by the assessee during the year. No disallowance was warranted under section 14A of the Act read with Rule 8D of the Rules and the same is thus, deleted. - Decided in favor of assessee.
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