Shanti Prime Publication Pvt. Ltd.
Sec. 50B of Income Tax Act, 1961 - Disallowance - Since, the assessee had not earned any exempt income during the assessment year under consideration, nor it had claimed any expenditure against any tax free income. Thus, the twin pre-conditions for invoking the provisions of Section 14A read with Rule 8D of the Rules i.e. earning of exempt income and claiming expenditure to earn the same were absent. Thus, AO was not justified in making the disallowance by invoking the aforesaid two provisions. The same was rightly deleted by the First Appellate Authority which order has been affirmed by the Tribunal. Appeal of the revenue dismissed. - PR. CIT V/s WOCKHARDT HOSPITALS LIMITED -  316 CTR 157 (BOM)