Disallowance under Section 14A, cannot Exceed Exempt Income while Computing Income under Normal Provisions and Book Profit u/s 115JB of Income Tax Act: ITAT [Read Order]

Disallowance - Exempt - Income - Computing - Normal Provisions - Income Tax Act - ITAT - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the disallowance under Section 14A of the Income Tax Act 1961, could not exceed income while computing the income under normal provisions and book profit under Section 115JB of the Income Tax Act. Revenue is against the action of the Ld. CIT(A) deleting…

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