Expenses incurred in relation to exempt income not deductible under Section 14A of Income Tax Act: ITAT [Read Order]

By Killamsetty Rasmita - On August 12, 2023 9:30 am - 2 mins read
Expenses - relation - exempt -income - deductible - Income- Tax- Act-ITAT-TAXSCAN

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that expenses incurred in relation to exempt income are not deductible under Section 14A of the Income Tax Act, 1961 (the Act) and dismissed the appeal filed by the assessee against the order of the Assessing Officer (AO) disallowing the expenses incurred by…

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