Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 159 - AT - Income TaxDisallowance u/s 14A - No receipt of exempt income during the relevant assessment year - HELD THAT:- Admittedly, for the relevant year, the assessee was not in receipt of any exempt income on the investments made by it. When the assessee is not in receipt of any exempt income, no disallowance u/s 14A is warranted. Disallowance u/s 43B(f) - provision made in earlier years - disallowance should have been restricted to the amount claimed in the profit and loss account - HELD THAT:- On a perusal of the orders of the A.O. and the CIT(A), it is seen that the assessee had not taken this contention before them. Therefore, in the interest of justice and equity, the matter is restored to the files of the A.O. The A.O. shall consider the claim of the assessee and shall take a decision in accordance with law. It is ordered accordingly. Appeal filed by the assessee is partly allowed.
|