ITAT directs AO to delete Addition due to Disallowance u/s 14A made without recording satisfaction regarding Assessee’s Books of Account [Read Order]
The ITAT observed that while Section 14A of the Income Tax Act allows for the disallowance of expenses related to tax-exempt income, the AO had acted mechanically, without considering the company’s overall income from consultancy services and other expenses
In a recent ruling, the Cochin Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to delete the addition due to disallowance which was made without recording satisfaction regarding the assessee’s books of account. The assessee in this case is Condis India Healthcare Pvt. Ltd., Trivandrum, Kerala….
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