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Section 14A Applies to Dividend Income but Deletes Disallowance for Lack of Nexus: SC
Case Law Details
- Case Name
- Godrej & Boyce Manufacturing Company Limited Vs DCIT (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Godrej & Boyce Manufacturing Company Limited Vs DCIT (Supreme Court of India)
The appeal concerned the allowability of deduction of expenditure incurred in earning dividend income that was exempt under Section 10(33) of the Income-tax Act, 1961 for Assessment Year (AY) 2002-03. The appellant company, incorporated in 1932, was engaged in manufacturing various products and also invested in group companies to maintain control over sister concerns. For AY 2002-03, it declared a loss of ₹45.90 crore and disclosed dividend income and mutual fund income aggregating ₹34.34 crore, of which 98% ...
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