Case Law Details
Case Name : Toyota Tsusho India P. Ltd Vs Joint/Deputy Commissioner of Income Tax (ITAT Bangalore)
Appeal Number : SP No.12/Bang/2022
Date of Judgement/Order : 09/09/2022
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Bangalore
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Toyota Tsusho India P. Ltd Vs Joint/Deputy Commissioner of Income Tax (ITAT Bangalore)
ITAT Bangalore held that no disallowance under section 14A of the Income Tax Act could be made if no exempt income was earned by the assessee.
Facts-
During the course of proceedings, the AO noticed that the assessee has made an investment in unlisted equity for an amount of Rs.271,35,77,670 and the assessee has claimed interest expenditure of Rs.13,06,47,963. The AO therefore invoked the provisions of section 14A and made a disallowance of an amount of Rs.1,03,81,268. The DRP upheld the disallowance made by the AO.
Conclusion-
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