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TMI Blog2018 (1) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 4,90,88,000/- was added under Section 14A as the expenditure involved exempt income although the CIT(A) and the ITAT found that as a matter of fact, the exempt income of ₹ 142.5 crores had not been obtained and that it was only a proposed dividend. Having regard to these findings, the question of application of Section 14A of the 1961 Act could not have arisen. There is no substant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 crores which was exempt from taxation. Upon his determination, a sum of ₹ 4,90,88,000/- was added under Section 14A as the expenditure involved exempt income although the CIT(A) and the ITAT found that as a matter of fact, the exempt income of ₹ 142.5 crores had not been obtained and that it was only a proposed dividend. Having regard to these findings, the question of application ..... X X X X Extracts X X X X X X X X Extracts X X X X
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