2019 (5) TMI 953

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.... the Respondent : M/s.Sandeep Bagmar JUDGMENT DR.VINEET KOTHARI, J. The Revenue has filed this Appeal raising the purported Substantial Questions of Law arising from the order of the learned Income Tax Appellate Tribunal dated 22.04.2016, dismissing the Revenue's Appeal and allowing the Cross Objection filed by the Assessee for the Assessment Year 2010-2011. 2. The issue involved b....

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....e Tax Act, 1961, as we are of the clear opinion that the disallowance under Section 14A cannot exceed the exempted income disclosed and assessed by the Assessing Authority. The purpose of Section 14A of the Act was very clear that the expenditure incurred to earn exempted income cannot be allowed as a deduction. Normally, in such cases the Tribunal has adopted the norm of 2% of exempted income ....