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Section 14A disallowance cannot exceed amount of exempt Income
Case Law Details
- Case Name
- Brindavan Beverages Pvt.Ltd. Vs DCIT (ITAT Banglore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11, 2013-14
- Courts
- All ITAT, ITAT Bangalore
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Brindavan Beverages Pvt.Ltd. Vs Dcit (ITAT Banglore)
The issue under consideration is whether the disallowance u/s 14A can exceed the amount of exempt income?
ITAT states that, the primary contention of the assessee before the first appellate authority was that no disallowance u/s 14A of the I.T.Act is required since the assessee has not incurred any expenditure to earn the exempt income. Secondly, it was contended before the first appellate authority that disallowance u/s 14A of the I.T.Act cannot exceed the amount of exempt income earned by the assessee for the relevant assessment years. The...
