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2019 (4) TMI 411 - AT - Income TaxDisallowance u/s 14A - application of matching concept - no exempt income received during the previous year - HELD THAT:- As decided in assessee's own case [2017 (5) TMI 1409 - ITAT CHENNAI] the exemption extended to dividend income would relate only to the previous year when the income was earned and none other and consequently the expenditure incurred in connection therewith should also be dealt with in the same previous year. Thus, by application of the matching concept, in a year where there is no exempt income, there cannot be a disallowance of expenditure in relation to such assumed income. See M/s. Redington (India) Ltd. Versus ACIT [2017 (1) TMI 318 - MADRAS HIGH COURT] - Decided against revenue
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