Disallowance u/s 14A  of Income Tax Act only covers Expense Regarding Exempt Income: ITAT [Read Order]

The ITAT viewed that disallowance under section 14A of the Income Tax Act can only cover expenses regarding exempt income.
itat hyderabad - Exempt income disallowance - ITAT and criteria for disallowance - Income tax act - Exempt Income - Taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that disallowance under section 14A  of the Income Tax Act, 1961 only covers expenses regarding exempt income. Mr D. Venkatesh, the appellant challenged the order of the Commissioner of Income Tax Appeals in upholding the order of the assessing officer in…

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