Disallowance u/s 14A r.w.r 8D, cannot Exceed Quantum of Exempt Income Earned During Particular Assessment Year: ITAT [Read Order]

Disallowance - Exempt Income - Exempt Income Earned During Particular Assessment Year - ITAT - taxscan

The Delhi Bench of Income tax Appellate Tribunal (ITAT) has held that disallowance under Section 14A of the Income Tax Act 1961 read with rule 8D could not exceed the quantum of exempted income earned during the particular assessment year. Assessee, Jubilant Securities Pvt. Ltd was a resident corporate entity. In the course of assessment…

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