https://www.taxtmi.com/caselaws?id=280016 The Appellate Tribunal upheld the decision of the CIT(A) to delete the disallowance under section 14A of the Income Tax Act, 1961. The Tribunal emphasized that in the absence of any exempt income, no disallowance could be made. It rejected the Revenue's appeal challenging the CIT(A)'s interpretation of section 14A in light of CBDT Circular No. 5/2014 and the Bombay High Court decision in Godrej & Boyce Vs. DCIT. The Tribunal held that CBDT Circulars are binding on tax authorities but not on courts, leading to the dismissal of the Revenue's appeal. en-us Tue, 31 Oct 2017 00:00:00 +0530 Wed, 17 Apr 2019 10:11:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280016 The Appellate Tribunal upheld the decision of the CIT(A) to delete the disallowance under section 14A of the Income Tax Act, 1961. The Tribunal emphasized that in the absence of any exempt income, no disallowance could be made. It rejected the Revenue's appeal challenging the CIT(A)'s interpretation of section 14A in light of CBDT Circular No. 5/2014 and the Bombay High Court decision in Godrej & Boyce Vs. DCIT. The Tribunal held that CBDT Circulars are binding on tax authorities but not on courts, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280016