ITAT caps S.14A Disallowance at 1% of Dividend Income for Period prior to Rule 8D, Income Tax Rules [Read Order]

Section 14A of the Income Tax Act, 1961, being a disallowance provision vitiates deductions on any expenses incurred in relation to any income which is exempt from income tax
By Avinash Kurungot - On November 24, 2024 2:48 pm - 2 mins read
Income Tax - ITAT - ITAT Delhi - Income Tax Appellate Tribunal - Dividend Income - TAXSCAN

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) recently directed an Assessing Officer ( AO ) to disallow 1% of dividend income as expenditure under Section 14A of the Income Tax Act, 1961 for the period prior to the onset of Rule 8D of the Income Tax Rules, 1962. The Income…

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