Section 14A
This query is : Resolved
09 September 2010
What are the latest developments with regard to applicabilit of section 14A and disallowances thereof.
Also, is disallowance U/s.14A applicable if there is investment but no tax free income received during the year.
Thanks in advance
Also, is disallowance U/s.14A applicable if there is investment but no tax free income received during the year.
Thanks in advance
09 September 2010
In my opinion... it is not allowed as even if you don't recd any such income, the fact that you have incurred such expenses with a view to earn a tax free income & that income may be received by you in next year or so, makes these expenses disallowed.
See the case of STT. Its not allowed even if no income or gain has been realized.
See the case of STT. Its not allowed even if no income or gain has been realized.
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