Is Share Income from Partnership Firm and Dividend from Mutual Funds exempt under the Income Tax Act?

Last updated: 07 July 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns whether share income from a partnership firm and dividends from mutual funds are exempt from tax. The assessee claimed these incomes as exempt, arguing no expenditure was incurred to earn them. However, the Assessing Officer disallowed a significant portion under Section 14A. The CIT(A) agreed with the assessee, directing the deletion of the disallowance, leading to this appeal by the revenue.

Court :
ITAT Bangalore

Brief :
This appeal filed by the revenue and the cross objection filed by the assessee are directed against the order dated 27.4.2017 passed by Ld. CIT(A)-11, Bengaluru and they relate to the assessment year 2009-10. The issues urged in these appeals relate to disallowance made u/s 14A of the Income-tax Act,1961 ['the Act' for short].

Citation :
ITA No.1583/Bang/2017

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