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Section 14A Disallowance cannot exceed Exempted Income: ITAT Bangalore
Case Law Details
- Case Name
- Ambika Ghorpade Vs ACIT (ITAT Bangalore)
- 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 Bangalore
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Ambika Ghorpade Vs ACIT (ITAT Bangalore)
The case of Ambika Ghorpade vs. ACIT, heard at the ITAT Bangalore, revolves around the disallowance under section 14A of the Income Tax Act, 1961. Additionally, it addresses disallowance of certain expenses incurred by the assessee under section 37(1) of the Act.
Analysis
Section 14A Disallowance: The assessee contends that the disallowance under section 14A, calculated using Rule 8D, exceeds the actual exempt income earned, which is limited to Rs. 31,600/- through dividends. Citing the decision of the Hon’ble Karnataka High Court in Biocon Ltd. ...
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