Dismissing the appeal of the Revenue the Court held that without giving a finding as to how much administrative expenditure had been incurred to earn the exempt income, disallowance is not justified. Followed South Indian Bank Ltd. v. CIT (2021) 438 ITR 1 / 283 Taxman 178 (SC). (AY.2003-04)
CIT v. UTI Bank Ltd. (2022)447 ITR 662 / 219 DTR 528 / 329 CTR 597 / 289 Taxman 238 (SC) Editorial : Decision in CIT v. UTI Bank Ltd (2014) 2 ITR-OL 366 (Guj)(HC), affirmed.
S. 14A : Disallowance of expenditure-Exempt income-Without giving finding how much administrative expenditure incurred to earn exempt income-Disallowance not Justified. [R.8D]