https://www.taxtmi.com/caselaws?id=289693 The ITAT Delhi ruled in a finance and leasing company's favor, limiting the disallowance under section 14A of the Income Tax Act to the amount of dividend income earned, following the precedent set by the Delhi High Court. The disallowance was restricted to the dividend income of &8377; 28,55,485, overturning the AO and CIT(A)'s excessive disallowance of &8377; 1,73,65,881. This decision clarified the application of section 14A, emphasizing a proportional disallowance based on tax-exempt income. en-us Thu, 08 Oct 2015 00:00:00 +0530 Mon, 17 Aug 2020 07:35:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289693 The ITAT Delhi ruled in a finance and leasing company's favor, limiting the disallowance under section 14A of the Income Tax Act to the amount of dividend income earned, following the precedent set by the Delhi High Court. The disallowance was restricted to the dividend income of &8377; 28,55,485, overturning the AO and CIT(A)'s excessive disallowance of &8377; 1,73,65,881. This decision clarified the application of section 14A, emphasizing a proportional disallowance based on tax-exempt income. Case-Laws Income Tax Thu, 08 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289693