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2017 (11) TMI 1954 - AT - Income TaxDisallowance u/s.14A - expenditure incurred in connection with exempt dividend income - HELD THAT:- Hon’ble Jurisdictional High Court in the case of Regindton (India) Ltd [2017 (1) TMI 318 - MADRAS HIGH COURT] has held that expenditure incurred in connection with exempt dividend income would relate only to the previous year when the income was earned. In our opinion, there is no room for doubt that disallowance u/s. 14A of the Act cannot exceed income claimed as exempt by an assessee. We therefore restrict the disallowance u/s.14A - Appeal of the assessee is treated as partly allowed.
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