Case Law Details
Case Name : Wodehouse Gymkhana Ltd. Vs Income Tax Office (ITAT Mumbai)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Mumbai
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Wodehouse Gymkhana Ltd. Vs ITO (ITAT Mumbai)
The assessee claimed that it has earned the exempt income under the principle of mutuality. The assessee claimed its source of income on the basis of principle of mutuality and dividend / mutual fund dividend etc. and income not relating to mutual activity such as interest on bank deposits etc. which claimed as taxable income. No expenses were claimed against taxable income, therefore section 14A of the Act will not applicable.
Hon;ble ITAT held that as assessee did not claim any expenses to earn the exempt income and the income of the assessee is...
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The judgements does not discus the provisions of section 14A(3) which says that the section has to be applied even when the taxpayer claims that no expense has been incurred to earn exempt income. Is there any decision on this point?