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No disallowance u/s 14A in absence of exempt income
Case Law Details
- Case Name
- ACIT Vs Prabhatam Advertising (P) Ltd. (All ITAT)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Prabhatam Advertising (P) Ltd. (All ITAT)
Conclusion: Disallowance under section 14A could not be made where assessee had earned no dividend income during the year under consideration.
Held: In the present case, AO noticed investments made by assessee-company and invoked section 14A leading to disallowance whereas assessee claimed that no dividend income earned during the year under consideration. It was held since assessee-company did not have any dividend income and it had strategic investment therefore no disallowance under 14A could be made.
FULL TEXT OF THE ITAT JUDGEMENT
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