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of <h1>ITAT Delhi Overturns PCIT's Order Due to Lack of Inquiry on Disallowance, Rules Explanation to Section 14A Inapplicable.</h1> <h3>Maheshwari Financial Services Ltd. Versus PCIT (Central), Delhi-2, New Delhi</h3> Maheshwari Financial Services Ltd. Versus PCIT (Central), Delhi-2, New Delhi - TMI The ITAT Delhi allowed the assessee's appeal against the PCIT's order for assessment year 2019-20, citing lack of inquiry for disallowance under section 14A. The ITAT ruled in favor of the assessee, stating that section 14A Explanation does not apply if no exempt income is derived. The appeal was allowed on 6th December, 2024.
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