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No disallowance U/s. 14A unless Assessee earns exempt Income during relevant previous year
Case Law Details
- Case Name
- Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010–11
- Courts
- All ITAT, ITAT Mumbai
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ITAT followed Delhi High Court in Cheminvest and held that, unless during the relevant previous year, assessee earns any exempt income no disallowance under section 14A r/w rule 8D can be made.
1. Assessee has challenged the disallowance of Rs. 33,91,821 under section 14A r/w rule 8D.
2. Brief facts are, during the assessment proceedings, the Assessing Officer after verifying the balance sheet for the impugned assessment year noticed that the assessee had made investment in shares amounting to Rs. 12,50,57,300, as on 31stMarch 2009, and opening balance was Rs. 1,51,57,300. He further notice...
