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

Disallowance - Income Tax Act - Income Tax - Income - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench, held that disallowance under Section 14A of the Income Tax Act, 1961, could not exceed exempt income. The assessee, Sara International Private Limited, is engaged in the trading of iron ore fines, cement, coal, readymade garments, etc. During the assessment proceedings, the AO observed that the assessee…

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