Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 1380 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - expenditure incurred on earning exempt income - As argued since the assessee has not incurred any expenditure to earn the exempt income and Addition to be restricted to the exempt income received for the relevant assessment years - HELD THAT:- In the light of the order of M/s.Century Real Estate Holdings Pvt. Ltd [2020 (6) TMI 780 - ITAT BANGALORE] we hold that the disallowance u/s 14A of the I.T.Act cannot exceed the exempt income earned during the relevant assessment years. Accordingly, we restrict the disallowance for assessment years 2010-2011 and 2013-2014 to the exempt income earned for the assessment years. Appeals filed by the assessee are partly allowed.
|