The ITAT held that the disallowance under section 14A can be made only in Respect of Investments that Yielded Tax-Free Income Tax Act is allowable only in respect of investment which yields tax-free income.
In a recent case, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the disallowance under section 14A of the Income Tax Act, 1961 can be made only in respect of investments that yield tax-free income. Bhartiya International Ltd, the assessee challenged the final assessment order dated 29.07.2022 passed under Section…
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