https://www.taxtmi.com/caselaws?id=402455 The ITAT Chennai allowed the appeal filed by the assessee on 10th November 2020. The disallowance of expenditure under section 14A of the IT Act was restricted to the extent of exempt income earned for the year, in line with the principle that disallowance should not exceed the exempt income earned. Additionally, the disallowance under section 14A was directed to be deleted from the book profit computed under section 115JB of the IT Act, following the decision in ACIT vs. Vireet Investments by the ITAT Delhi Special Bench. en-us Tue, 10 Nov 2020 00:00:00 +0530 Mon, 04 Jan 2021 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402455 The ITAT Chennai allowed the appeal filed by the assessee on 10th November 2020. The disallowance of expenditure under section 14A of the IT Act was restricted to the extent of exempt income earned for the year, in line with the principle that disallowance should not exceed the exempt income earned. Additionally, the disallowance under section 14A was directed to be deleted from the book profit computed under section 115JB of the IT Act, following the decision in ACIT vs. Vireet Investments by the ITAT Delhi Special Bench. Case-Laws Income Tax Tue, 10 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402455