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DELHI HIGH COURT
MANMOHAN, MANMEET PRITAM SINGH ARORA
Pr. Commissioner of Income Tax-18 – Appellant
Versus
Oil Industry Development Board – Respondent
| Table of Content |
|---|
| 1. appellant challenges itat's order regarding income tax. (Para 1) |
| 2. claim of error in deletion of tax addition. (Para 2) |
| 3. concurrent findings of fact by authorities. (Para 3) |
| 4. interpretation of section 14a regarding exempt income. (Para 4) |
| 5. impact of finance act, 2022 amendment on section 14a. (Para 5) |
| 6. no substantial question of law; appeal dismissed. (Para 6) |
JUDGMENT
Manmohan, J. (Oral)--Present Income Tax Appeal has been filed challenging the Order dated 12th June, 2019 passed by the Income Tax Appellate Tribunal (`ITAT') in ITA No. 4417/Del./2016 for Assessment Year 2012-13.
2. Learned counsel for the appellant states that the ITAT has erred in deleting the addition of Rs.4.65 crores made by the assessing officer under Section 14A of the Income Tax Act, 1961 (`the Act'). He states that the ITAT has erred in holding that no disallowance can be made under Section 14A of the Act read with Rule 8D of the Income Tax Rule, 1962 in the case wherein no exempt income has been earned during the year under consideration.
3. A perusal of the paper book reveals that the authorities below have given concurrent finding of fact that the assessee did not earn any divid
Section 14A of the Income Tax Act, 1961 does not apply if no exempt income was earned in the relevant previous year.
Section 14A of the Income Tax Act does not apply if no exempt income has been received or receivable during the relevant previous year.
Disallowance under S.14A cannot be made where the assessee has not claimed any expenditure against taxable income; the provision requires the existence of a claimed expenditure relatable to exempt in....
Disallowance under Section 14A of the Income Tax Act cannot exceed the tax exempt income earned by the assessee.
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