ITAT Upholds CIT(A)’s Deletion of S.14A Disallowance Due to No Exempt Income [Read Order]
Referring to the Supreme Court’s ruling in Maxopp Investment Ltd vs. CIT, the tribunal reaffirmed that Section 14A applies only when expenses are incurred to earn exempt income
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) upheld Commissioner of Income Tax (Appeals) [CIT(A)]’s deletion of disallowance under Section 14A of Income Tax Act, 1961, ruling that the provision does not apply in the absence of exempt income. The Revenue-appellant, appealed against the order passed by CIT(A) dated 23/06/2017 for the Assessment Year…
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