https://www.taxtmi.com/caselaws?id=430964 The High Court dismissed the appeal challenging the ITAT order on the addition under Section 14A of the Income Tax Act, 1961 for Assessment Year 2012-13. The Court held that no disallowance under Section 14A was warranted as the appellant did not earn any dividend income during the relevant year, following the interpretation that Section 14A does not apply in the absence of exempt income. The Court also emphasized that amendments to Section 14A should not be presumed to have retrospective effect if they modify existing law, reaffirming the principles on tax liabilities in cases without exempt income. en-us Mon, 21 Nov 2022 00:00:00 +0530 Fri, 02 Dec 2022 07:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430964 The High Court dismissed the appeal challenging the ITAT order on the addition under Section 14A of the Income Tax Act, 1961 for Assessment Year 2012-13. The Court held that no disallowance under Section 14A was warranted as the appellant did not earn any dividend income during the relevant year, following the interpretation that Section 14A does not apply in the absence of exempt income. The Court also emphasized that amendments to Section 14A should not be presumed to have retrospective effect if they modify existing law, reaffirming the principles on tax liabilities in cases without exempt income. Case-Laws Income Tax Mon, 21 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430964