Expenditure Incurred To Earn Dividend Income On Shares Not Deductible: SC [Read Judgment]

In an important verdict, the Supreme Court, in Godrej & Boyce Manufacturing Company Limited vs Dy Commissioner of Income-Tax, has held that Section 14A of the Income Tax Act would apply to dividend income on which tax is payable under Section 115-O of the Act.This would mean that expenditure incurred to earn dividend income on shares is not deductible, as Section 14A of Income Tax Act is...