Disallowance of Expenditure u/s 14A can’t be made when exempt Income-earning securities are held as Stock-in-trade: ITAT grants relief to Central Bank of India [Read Order]

By Sunayana Dhal - On September 21, 2023 10:30 am - 2 mins read
Disallowance of Expenditure - Income - earning securities - Stock-in-trade - ITAT - grants relief - Central Bank of India - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) while granting relief to the Central Bank of India, held that the disallowance of expenditure under Section 14a of the Income Tax Act, 1961 cannot be made when the exempt Income earning securities are held as stock-in-trade. The assessee is a banking company and the…

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