No Disallowance u/s 14A of Income Tax Act shall be made in Absence of any Exempt Income: ITAT [Read Order]

Disallowance - Income-Tax-Act - Absence - Exempt-Income-ITAT-TAXSCA

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that no disallowances under Section 14A of the Income Tax Act, 1961 shall be made in the absence of any exempt income. The issue is related to the disallowance of expenditure incurred for the purpose of earning exempt income in terms of provisions of…

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