https://www.taxtmi.com/caselaws?id=350247 The Delhi High Court dismissed the Revenue's appeal against the ITAT order for AY 2011-12 concerning disallowance under Section 14A. The Court held that the disallowance should be limited to the expenditure related to tax-exempt income, not the entire tax-exempt income itself. The Court emphasized the need for the AO to provide reasons for rejecting the assessee's claim and ensure proportionality in the disallowance. The appeal was decided in favor of the Assessee, with the Court ruling against the Revenue. en-us Mon, 09 Oct 2017 00:00:00 +0530 Thu, 02 Nov 2017 08:15:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350247 The Delhi High Court dismissed the Revenue's appeal against the ITAT order for AY 2011-12 concerning disallowance under Section 14A. The Court held that the disallowance should be limited to the expenditure related to tax-exempt income, not the entire tax-exempt income itself. The Court emphasized the need for the AO to provide reasons for rejecting the assessee's claim and ensure proportionality in the disallowance. The appeal was decided in favor of the Assessee, with the Court ruling against the Revenue. Case-Laws Income Tax Mon, 09 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350247