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2021 (9) TMI 1031 - AT - Income TaxAddition u/s 14A r.w.s. 8D - assessee has deficit of own funds for application towards investments in income exempt from tax - HELD THAT:- Hon’ble jurisdictional High Court in the case of Biocon Limited [2021 (2) TMI 112 - KARNATAKA HIGH COURT] wherein it was held that when there is exempt income, there cannot be any disallowance u/s 14A of the Act - it means that disallowance u/s 14A of the Act should be limited to the exempt income - we direct the A.O. to disallow the amount made u/s 14A of the Act to the extent of exempted income only as decided by the Tribunal in assessment year 2014-2015.
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