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2023 (8) TMI 37 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - assessee submitted that the disallowance be restricted to the total exempt income - CIT(A), restricted the disallowance u/s 14A to the exempt income earned by the assessee and upheld the addition partly - HELD THAT:- CIT(A) accepting the contention of the assessee, which was in line with the prevailing jurisprudence, restricted the disallowance under section 14A to the quantum of exempt income earned by the assessee. We find that in Nirved Traders (P.) Ltd [2019 (4) TMI 1738 - BOMBAY HIGH COURT] has held that disallowance under section 14A of the Act cannot be more than exempt income. No infirmity in the impugned order passed by the learned CIT(A). Accordingly, the grounds raised by the Revenue are dismissed.
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