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PRADEEP KHANNA Versus ACIT CIRCLE 30 (1) DELHI

Disallowance u/s 14A - Held that:- It was firstly incumbent upon to in fact examine the accounts closely and determine if at all any expenditure could be ascribed to the tax exempt dividend/interest earned by the assessee. If indeed the tax exempted income was earned without the interference of any employee but rather through the solicitation and advertisement of the bank the question of attributing any expenditure cannot arise at all. - In the circumstances, the impugned order is set aside. .....

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. With the consent of counsels for the parties appeal was heard. 3. The following question of law arises for consideration of this court: Did the ITAT fall into error in upholding the decision of the lower authority viz-a-viz the disallowance under Section 14A of the Indian Income Tax Act? 4. The relevant facts are that the assessee had reported a tax exempt dividend income of ₹ 10,87,898/- and he had, however, not claimed any expenditure for earning that income. Purporting to apply the st .....

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raction of any special personnel. The revenue on the other hand urged that the assessee carries on business and in the course of such business he engaged an accountant who was also tasked with the job of looking after the accounts and investments which yielded a sum of ₹ 10,87,898/-. 5. The assesee relied upon the judgment of this court in Commissioner of Income Tax vs. Taikisha Engineering Private Limited 370 ITR 338 (Del) and the ITAT s decision for a previous year i.e. Pradeep Khanna vs .....

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