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| The Tax Publishers2018 TaxPub(DT) 8094 (Del-HC) INCOME TAX ACT, 1961
Section 14A
Where assessee did not report any exempt income during the year under consideration, AO was not justified in making disallowance under section 14A as in absence of any exempt income disallowance was impermissible.
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Disallowance under section 14A - Expenditure against exempt income - Absence of exempt income -
AO made disallowance under section 14A based upon the investments made by assessee during the relevant assessment year. Held: Since assessee did not report any exempt income during the year under consideration, AO was not justified in making disallowance under section 14A as in absence of any exempt income disallowance was impermissible.
Followed:Cheminvest Limited v. CIT-VI (2015) 378 ITR 33 (Del-HC) : 2015 TaxPub(DT) 3520 (Del-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
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