Disallowance cannot Exceed Exempt Income: ITAT upholds Deletion of Disallowance u/s 14A of Income Tax Act [Read Order]

By Fathima Karama A.M - On October 18, 2023 12:00 pm - 2 mins read

Disallowance cannot Exceed Exempt Income - ITAT upholds Deletion of Disallowance - Exempt Income - Deletion of Disallowance - Income Tax Act - Disallowance - Income - ITAT - under section 14A of Income Tax Act - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of disallowance under Section 14A of the Income Tax Act holding that the disallowance could not exceed the exempt income. The assessee-company, Dhani Services Ltd was a stock broker of National Stock Exchange and Bombay Stock Exchange. The first issue related to…

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