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The ITAT affirmed that the disallowance under section 14A of the Act is restricted to the quantum of exempt income actually earned by the assessee; the Tribunal followed an earlier ITAT decision in the assessee's own case and directed that any disallowance be limited to the extent of dividend income exempt under the Act. With respect to motor-car expenditures, the Tribunal allowed deduction for depreciation and related car expenses where motor cars, although registered in directors' names, are shown as fixed assets in the balance sheet and used for business purposes; accordingly, such depreciation and ancillary car expenses were admitted as allowable business deductions.
The ITAT affirmed that the disallowance under section 14A of the Act is restricted to the quantum of exempt income actually earned by the assessee; the Tribunal followed an earlier ITAT decision in the assessee's own case and directed that any disallowance be limited to the extent of dividend income exempt under the Act. With respect to motor-car expenditures, the Tribunal allowed deduction for depreciation and related car expenses where motor cars, although registered in directors' names, are shown as fixed assets in the balance sheet and used for business purposes; accordingly, such depreciation and ancillary car expenses were admitted as allowable business deductions.
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