https://www.taxtmi.com/caselaws?id=368901 The court upheld that dividend income is not exempt from disallowance under Section 14A of the Income Tax Act, citing relevant precedents. It clarified that only head office expenditure, not branch office expenses, should be considered for disallowance related to earning exempt income. The court disregarded previous disallowances, ordering a fresh calculation. Both the Assessing Officer and the appellant were directed to follow established principles in determining disallowances under Section 14A. The appeal was dismissed without costs as no substantial question of law was identified. en-us Mon, 17 Sep 2018 00:00:00 +0530 Tue, 16 Oct 2018 09:50:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368901 The court upheld that dividend income is not exempt from disallowance under Section 14A of the Income Tax Act, citing relevant precedents. It clarified that only head office expenditure, not branch office expenses, should be considered for disallowance related to earning exempt income. The court disregarded previous disallowances, ordering a fresh calculation. Both the Assessing Officer and the appellant were directed to follow established principles in determining disallowances under Section 14A. The appeal was dismissed without costs as no substantial question of law was identified. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368901