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2019 (6) TMI 605 - AT - Income TaxDisallowance u/s 14A - CIT-A justification in restricting the amount of disallowance u/s.14A to the extent of exempt income - HELD THAT:- This issue stands concluded by the decision of Principal Commissioner of Income Tax vs. State Bank of Patiala [2017 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT] wherein it was held that the amount of disallowance u/s. 14A cannot exceed exempt income and this decision was confirmed by Hon’ble Supreme Court [2018 (11) TMI 1565 - SC ORDER] In the light of the above legal positions, we uphold the order of the ld. CIT(A). Accordingly, the appeal filed by the Revenue is dismissed.
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