Disallowance u/s 14 A of Income Tax Act cannot Exceed Exempt Income: ITAT [Read Order]

The decision clarified that disallowance under Section 14A should be restricted to the exempt income
By Aiswarya Krishnadas - On September 8, 2024 10:31 am - 2 mins read
Disallowance - section 14 A - Income Tax Act - Exempt Income - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that disallowance under Section 14 A of the Income Tax Act, cannot exceed exempt income. Thus disallowance under Section 14 A restricted to the extent of exempt income. The assessee, Mundra International Container Terminal earned a dividend income of ₹25, 32,679, which is exempt…

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