2022 (8) TMI 1536 - SCH - Income Tax

Disallowance u/s 14A r.w.r. 8D - As decided by HC 2022 (1) TMI 841 - KARNATAKA HIGH COURT assessee do not have exempt income and as such no disallowance can be made u/s 14A read with rule 8D HELD THAT - Issue notice. Tag with SLP (Civil)KARNATAKA STATE FINANCIAL CORPORATION LTD. 2022 (2) TMI 1264 - SC ORDER wherein for investment in the form of share application money by the company would only result in exempt income as per HC only expenses proportionate to earning of exempt income could be disallowed under Section 14A of the Act and the decision of MAXOPP INVESTMENT LTD 2018 (3) TMI 805 - SUPREME COURT is an authority for the aforesaid proposition that the provision is relatable to earning of actual income.

Summary

The Supreme Court issued notice and tagged the case with SLP (Civil) No. 432/2022. Respondent did not appear. Justices K.M. Joseph and Hrishikesh Roy presided over the case. Petitioner represented by Mr. Balbir Singh, ASG, and others.