Dismissing the appeal since assessee could not substantiate fact that he did not incur any expenditure for earning said income before lower authorities and it was found that there was substantial increase in investment and value of assets of assessee, Assessing Officer was justified in making disallowance under section. (AY. 2010-11)
Polaris Consulting and Services Ltd. v. PCIT (2020) 275 Taxman 121 (Mad.)(HC)
S. 14A : Disallowance of expenditure-Exempt income-Failure to prove that no expenditure was incurred-Disallowance of expenditure is held to be justified. [R. 8D]