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2016 (4) TMI 866 - AT - Income TaxDisallowance made u/s. 14A r.w. Rule 8D - Held that:- The Hon'ble Karnataka High Court in the case of CCI Ltd. Vs. Joint Commissioner of Income Tax (2012 (4) TMI 282 - KARNATAKA HIGH COURT ) has held that when no expenditure is incurred by the assessee in earning the dividend income no notional expenditure could be deducted from the said income. The Hon'ble High Court further held that when the assessee has not retained shares with the intention of earning dividend and the dividend income is incidental to the business of sale of shares, no disallowance u/s. 14A of the Act is to be made. - Decided in favour of assessee
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