ITAT Deletes Expense Disallowance u/s 14A Due to Lack of Exempt Income [Read Order]
The CIT(A) deleted the disallowance of expenses under Section 14A, a decision upheld by the tribunal, which emphasized that no disallowance could be justified without the generation of exempt income
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the expense disallowance under Section 14A of Income Tax Act,1961,due to a lack of exempt income during the assessment year ( AY ) 2014-15. Ardor Overseas Pvt. Ltd.,the appellant-assessee, was involved in a land transaction with Nikshal Properties Pvt. Ltd. during the assessment…
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