AO adds Rs. 64.88 lakh Expenditure u/s 14A citing Business nature: ITAT deletes addition due to Expenditure spent not exclusively for Business [Read Order]

The tribunal observed that there was no requirement in law that every expenditure must result in profit

By Franklin Joshva - On March 7, 2025 12:45 pm - 2 mins read

ITAT - ITAT Lucknow - Section 14A of Income Tax Act - ITAT on business expenditure - TAXSCAN

The Lucknow Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the disallowance of Rs. 64.88 lakh made by the Assessing Officer (AO) under Section 14A of the Income Tax Act, citing that expenditure was not spent exclusively for business. JIL Information Technology Ltd. (assessee), a software company engaged in exports, incurred an expenditure…

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