AO fails to Record Dissatisfaction mandated u/s 14A: ITAT allows Expenditure Claim u/s 14A Incurred in relation to Earning Exempt Income [Read Order]

Assessing Officer has failed to record dissatisfaction as mandated under Section 14A (2) of the Income Tax Act, 1961

By Aiswarya Krishnadas - On April 19, 2024 10:00 pm - 2 mins read

assessing officer - ITAT - under section 14 A - Expenditure Claim - Exempt Income - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) allowed the claim of expenditure incurred in relation to earning exempt income under Section 14A, as the assessing officer failed to record dissatisfaction as mandated in the Setion 14A(2) of Income Tax Act, 1961. The assessee has earned income exempt from tax under Section 10…

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