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2018 (5) TMI 1869 - AT - Income TaxDisallowance u/s 14A - CIT (A) in restricting the disallowance to exempt income earned during the year which according to the Revenue is contrary to Board Circular No.5/2014 - HELD THAT:- As in case of ACB India Ltd vs. Asstt. CIT [2015 (4) TMI 224 - DELHI HIGH COURT] clearly held that the disallowance u/s 14A cannot exceed the exempt income earned by the assessee. In similar cases, the Coordinate Benches of this Tribunal have been following the decisions of various High Courts to the effect that when there is no exempt income, there cannot be any disallowance u/s 14A of the Act and further that the disallowance u/s 14A cannot exceed the exempt income earned by the assessee. Therefore, we see no reason to interfere with the order of the CIT (A). - Decided against revenue.
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