Disallowance u/s 14A of Income Tax Act not available in respect of Investments not yielding Tax-Free Income: ITAT [Read Order]

The ITAT upheld the decision of the CIT(A) and held that based on suo-moto disallowance at Rs. 53,79,626 has been rightly calculated by the Assessee
ITAT Mumbai - Income tax - Tax Free Income - Tax free income investments - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that disallowance under section 14 A of the Income Tax Act, 1961 is not available in respect of investments not yielding tax-free income. Paranjapee Schemes Construction Ltd, the assessee/appellant had made suo-moto disallowance to the tune of Rs. 53,79,526 in respect of…

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