SC issued notice in SLP filed against ruling that no Sec. 14A disallowance can be made if no exempt income was earned

INCOME TAX : Notice was issued in SLP filed against High court ruling upholding Tribunal’s decision that where assessee-company did not have exempt income, no disallowance could be made under section 14A read with rule 8D, while revenue’s case was that said provisions provide for disallowance of expenditure even when tax payer in a particular year had not earned any exempt incomeINCOME TAX : Notice was issued in SLP filed against High court ruling upholding Tribunal’s decision that where assessee-company did not have exempt income, no disallowance could be made under section 14A read with rule 8D, while revenue’s case was that said provisions provide for disallowance of expenditure even when tax payer in a particular year had not earned any exempt incomewww.taxmann.com Latest Case LawsRead More

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