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Issues: Disallowance under section 14A of the Income-tax Act, 1961 and whether it could exceed the amount of exempt dividend income.
Analysis: The assessee had earned dividend income of Rs. 34,445/-. The disallowance made under section 14A was examined in light of the principle that expenditure relatable to exempt income can be disallowed only to the extent of such exempt income. Applying the cited High Court decisions to the facts, the disallowance was found to be excessive where it exceeded the exempt income actually received.
Conclusion: The disallowance under section 14A was restricted to the amount of exempt income of Rs. 34,445/-, and the balance disallowance was deleted in favour of the assessee.
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