https://www.taxtmi.com/caselaws?id=395798 The ITAT Kolkata dismissed the revenue's appeal, affirming the CIT(A)'s decision for the assessment year 2012-13. The Tribunal upheld the CIT(A)'s directive to the AO to recalculate the disallowance under section 14A of the Income-tax Act, restricting it to the amount of exempt income. The appeal was initially time-barred by 12 days, but the delay was condoned. The Tribunal also considered the exclusion of lockdown days in pronouncing the order, ultimately confirming the restriction of the disallowance to the exempt income earned during the year. en-us Fri, 05 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395798 The ITAT Kolkata dismissed the revenue's appeal, affirming the CIT(A)'s decision for the assessment year 2012-13. The Tribunal upheld the CIT(A)'s directive to the AO to recalculate the disallowance under section 14A of the Income-tax Act, restricting it to the amount of exempt income. The appeal was initially time-barred by 12 days, but the delay was condoned. The Tribunal also considered the exclusion of lockdown days in pronouncing the order, ultimately confirming the restriction of the disallowance to the exempt income earned during the year. Case-Laws Income Tax Fri, 05 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395798