2024 (1) TMI 72

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..... stments (P.) Ltd. [ 2015 (3) TMI 155 - DELHI HIGH COURT] is simply that the disallowance under Section 14A cannot exceed the exempt income. Net off the interest income (income from other sources) which had no nexus with interest expenditure incurred for earning exempt income - Tribunal has, in our view, rightly deleted the addition by holding that the actual interest expenditure had to be ad .....

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..... Act read with Rule 8D of the Act to the exempt income? (ii) Whether ld. ITAT erred in law by relying upon the decision of this Hon'ble Court in the case of Joint Investment Pvt. Ltd. Vs CIT, whereas the facts of the assessee's case is very different from the Joint Investment? (iii) Whether the ld. ITAT erred in law by directing to net off the interest income (income from other .....

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..... judgment of this court in Joint Investments (P.) Ltd. is simply this: the disallowance under Section 14A cannot exceed the exempt income. 7. This brings us to the proposed question no.(iii). The AO, after noting the fact that the respondent/assessee had earned income by way of interest, adjusted the interest expended towards 90% of the income. Thus, in fact, income by way of interest was quant .....

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