https://www.taxtmi.com/caselaws?id=329789 The Tribunal ruled in favor of the assessee, emphasizing the Assessing Officer's requirement to be satisfied with the correctness of the claim for disallowance under section 14A. It highlighted that the AO must determine expenditure only if unsatisfied with the claim and that section 14A does not apply in the absence of exempt income. The Tribunal held that the AO's failure to record dissatisfaction cannot be rectified by the CIT(A), ultimately allowing the appeal and rejecting the addition made by the AO and confirmed by the CIT(A). en-us Mon, 06 Jun 2016 00:00:00 +0530 Sat, 09 Jul 2016 11:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329789 The Tribunal ruled in favor of the assessee, emphasizing the Assessing Officer's requirement to be satisfied with the correctness of the claim for disallowance under section 14A. It highlighted that the AO must determine expenditure only if unsatisfied with the claim and that section 14A does not apply in the absence of exempt income. The Tribunal held that the AO's failure to record dissatisfaction cannot be rectified by the CIT(A), ultimately allowing the appeal and rejecting the addition made by the AO and confirmed by the CIT(A). Case-Laws Income Tax Mon, 06 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329789