Disallowance u/s 14A IT Act shall not be made when no exempt Income is earned by Assessee [Read Order]

Since the assessee has not earned any exempt income, the Income Tax Appellate Tribunal (ITAT), Mumbai bench decided that the disallowance under Section 14A of the Income Tax Act, 1961 should not be granted.
Disallowance - IT Act - Income - Itat Mumbai - Income Tax Act - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that the disallowance under Section 14A of the Income Tax Act, 1961, should not be made since there is no exempt income earned by the assessee. The assessee, Dcom Systems Limited, engaged in the business of manufacturing and trading of metal equipment. After filing the return…

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