2009 (12) TMI 617

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..... f section 14A on the ground that the management expenses attributable to the dividend income disallowed by the Assessing Officer had been deleted Held that- . A perusal of the decision of the Punjab and Haryana High Court clearly shows that for the purpose of making a disallowance under section 14A, a finding of incurring the expenditure for earning the exempt income is absolutely necessary. Here .....

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..... has challenged the order of the learned Commissioner of Income-tax (Appeals) in deleting the disallowance made by invoking the provisions of section 14A on the ground that the management expenses attributable to the dividend income disallowed by the Assessing Officer had been deleted. 2. It was the submission by the learned Departmental representative that the assessee is an investment company an .....

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..... me-tax (Appeals), the decision of the Special Bench of the Income-tax Appellate Tribunal had been rendered in the case of ITO v. Daga Capital Management (P.) Ltd. [2009] 117 ITD 169 (Mum.). It was the submission that in view of the decision of the Special Bench of this Tribunal in the case of Daga Capital Management (P.) Ltd. referred to (supra) the order of the learned Commissioner of Income-tax .....

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..... It was the further submission that in the course of assessment proceedings, the assessee had also been asked as to the details of expenses incurred in relation to the dividend income and the assessee had replied that no expenses had been incurred for the same. It was the submission that the decision of the Punjab and Haryana High Court in the case of Hero Cycles Ltd. (supra) was after the decisio .....

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..... sion of a High Court on this issue available as on today and as no other decision of any other High Court on this issue and contrary to the decision of the Punjab and Haryana High Court having been placed before us, the finding of the learned Commissioner of Income-tax (Appeals) on this issue stands confirmed. 5. In the result, the appeal of the Revenue is dismissed.
Case laws, Decisions, Jud .....

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