This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Disallowance under section 14A not warranted if no exempt Income earned
Case Law Details
- Case Name
- JCIT Vs Reliance Life Sciences Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
JCIT Vs Reliance Life Sciences Pvt. Ltd. (ITAT Mumbai)
We agree with the submissions of the Ld. Counsel for the assessee that since assessee has not earned any exempt income and therefore no disallowance is warranted u/s. 14A of the Act. In the case of Joint Investments Pvt. Ltd. v. CIT [372 ITR 694] the Hon’ble Delhi High Court held that the disallowance u/s. 14A of the Act should not exceed the exempt income. The Revenue filed SLP against this decision and the Hon’ble Supreme Court dismissed the SLP filed by the Revenue. Similar view has been taken by the Hon’ble Delhi High...
