Disallowance u/s 14A of Income Tax Act should be limited to Exempted Income: ITAT [Read Order]

ITAT - ITAT Bangalore - Income Tax - Disallowance - TAXSCAN

The Two member bench of Income Tax Appellate Tribunal ( ITAT ) of Bangalore held that disallowance under Section 14A of the Income Tax Act, 1961 should be limited to exempted income. The Assessee Ambika Ghorpade filed this appeal with regard to disallowance under Section 14A read with Rule 8D of the Income Tax Rules, 1962….

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