Disallowance u/s 14A of Income Tax Act should not Exceed Exempt Income of Assessment Year: ITAT Upholds Deletion of Disallowance [Read Order]

By Ipsita Das - On July 14, 2023 8:00 am - 2 mins read

Disallowance - Income Tax Act - Exempt Income of Assessment Year -Income of Assessment Year - ITAT Upholds Deletion of Disallowance - taxscan

The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that the disallowance should not exceed the exempt income of that year and upheld the decision of Commissioner of Income Tax (Appeals) [CIT(A)] of deletion of the disallowance made by invoking the provision of Section 14A of the Income Tax Act,1961. The assessee company Jaypee…

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