https://www.taxtmi.com/caselaws?id=285252 The Appellate Tribunal ITAT Kolkata ruled in favor of the assessee, limiting the disallowance under section 14A of the Income Tax Act to the amount of exempt income received, in adherence to legislative intent and judicial precedents. The Tribunal emphasized that expenditures exceeding the exempt income should not be disallowed, directing the Assessing Officer to restrict the disallowance to the exempt income amount of &8377; 102. This decision provides clarity on the permissible extent of disallowance under section 14A in cases where exempt income is involved. en-us Wed, 30 Nov 2016 00:00:00 +0530 Sun, 05 Jan 2020 09:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285252 The Appellate Tribunal ITAT Kolkata ruled in favor of the assessee, limiting the disallowance under section 14A of the Income Tax Act to the amount of exempt income received, in adherence to legislative intent and judicial precedents. The Tribunal emphasized that expenditures exceeding the exempt income should not be disallowed, directing the Assessing Officer to restrict the disallowance to the exempt income amount of &8377; 102. This decision provides clarity on the permissible extent of disallowance under section 14A in cases where exempt income is involved. Case-Laws Income Tax Wed, 30 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285252