Home › Income-Tax Act › CIT v. Canara Bank (2022) 141 taxmann.com 566 (Karn.)(HC) Editorial : SLP granted to Revenue, CIT v. Canara Bank (2022) 288 Taxman 655 (SC)

CIT v. Canara Bank (2022) 141 taxmann.com 566 (Karn.)(HC) Editorial : SLP granted to Revenue, CIT v. Canara Bank (2022) 288 Taxman 655 (SC)

S. 14A : Disallowance of expenditure-Exempt income-No expenditure was incurred in earning dividend income-Disallowance cannot be made. [R. 8D]

Dismissing the appeal of the Revenue the Court held that in order to attract applicability of provision of section 14A there has to be a pay out, i.e. expenditure and since assessee-bank had not incurred any expenditure in earning dividend income, disallowance under section 14A could not be made. (AY. 2009-10)