AO Fails to Examine Correctness of Asian Paints’ Earning Exempt Income Expenditure Claim: ITAT deletes Disallowance u/s 14 A r.w Rule 8D [Read Order]

No proper satisfaction has been recorded by the AO in terms of the provisions of Section 14A (2) of the Income Tax Act, 1961
ITAT- ITAT Mumbai - income tax - income tax acts - income tax rules

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance under Section 14A of Income Tax Act, 1961 read with Rule 8D of the Income Tax Rule, 1962 as the Assessing Officer failed to examine correctness of Asian Paints’ claim regarding earning exempt Income expenditure. The Asian Paints Ltd earned…

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