2022 (3) TMI 1395 - SCH - Income Tax

Disallowance u/s 14A r.w.r. 8D - Tribunal remanding back the issue to assessing authority with a direction to allow the relief as the assessee do not have exempt income and as such no disallowance can be made under Section 14A read with Rule 8D contrary to provisions of Section 14A and Rule 8D and Circular No.5/2014 dated 11.2.2014 - HC held object of Section 14A is to curb the practice to claim deduction of expenses incurred in relation to exempt income against taxable income and at the same time avail of the tax incentive by way of exemption of exempt income without making any apportionment of expenses incurred in relation to exempt income - HELD THAT - Issue notice.

Summary

The Supreme Court of India issued an order in the case with citation 2022 (3) TMI 1395 - SC. Justices S. Abdul Nazeer and Krishna Murari presided over the case. The petitioner was represented by Mr. N. Venkataraman, ASG, and others, while there was no representation for the respondent. The court issued notice and tagged the case with SLP(Civil) No. 1374 of 2022.