extent of Rs.82.67 crores
under section 14A read with Rule 8D of the I.T. Act
(ii) That the disallowance has been confirmed ... Reading
section 14 in juxtaposition with sections 15 to 59 ,
it is clear that the words "expenditure incurred"
in section 14A refers
assessing
officer is duty bound to make the disallowance under Section 14A
by adopting a rational basis and on that aspect this Tribunal in
several ... Court constitutes an
authority in law to say that disallowance under section 14A(1)
attracts to an expenditure in relation to the tax exempt income
impugned disallowance is without
recording satisfaction in terms of provisions of section 14A(2) of
The Act.
(ii) That appellant has not incurred any expenditure ... earning of
exempt income and as such provisions of section 14A are not
applicable to facts of case.
7(i). That on facts and circumstances
income earned by the assessee and applicability of the
provision of section 14A of the IT Act, r.w.s. Rule ... investigation on exempt income earned by assessee and
applicability provision of section 14A r/w Rule 8D.
22. Now we have to examine, whether
disallowing Rs. 100,000 under Section 14A of the Act disregarding that
no expenditure has been incurred by the appellant in relation to exempt income ... submitted
that the provision of Section 14A , sub-section (3) specifies the provision of
Section 14A(2) would also apply where the assessee makes
accordingly.
Ground No.7 :
9. This ground relates to disallowance under section
14A of the I.T. Act of Rs.240.13 crores ... Section 10(34) of the I.T. Act, 1961. As the
income of assessee is taxable, therefore, no disallowance
under section 14A could be made
taxmann.com 154 (SC) order dated 12.02.2018-
"Submission on Section 14AA.
A. Section 14A of the Income-tax Act, 1961 (Act') was inserted ... relation to earning of
dividend income exempt under Section 10(33) , disallowable
under Section 14A of the Act?"
"33. While answering the said
assessee company was asked
to justify applicability of Section 14A r.w.r. 8D and in response to the
same assessee company vide letter dated ... u/s. 14 A of the Act . For the sake of
16
convenience, we are reproducing relevant portion of Section 14A as
under:-
Section 14A
instruction No. 5/2014 dated 11.02.2014 Rule 8D read
with section 14A of the Act provided for disallowance of the expenditure even
where taxpayer ... Revenue on this ground is dismissed.
15. Grounds relating to Section 14A.
For the sake of convenience the relevant order
expenditure" for the purpose of
section 37 of the words "expenditure incurred" as per section 14A
by returning following findings :-
"WORDS ... item of expenditure u/s 37(1) of the Act and is not liable to be
disallowed u/s 14A
