https://www.taxtmi.com/caselaws?id=413017 The ITAT Delhi allowed the appeal of the assessee, permitting the withdrawal of the suo moto disallowance made under section 14A of the Income Tax Act. The tribunal held that in the absence of exempt income, no disallowance under section 14A was warranted, and emphasized the importance of determining the correct tax liability in accordance with the law to tax the real income. The decision was based on legal precedents and the timeline of events, allowing the assessee to withdraw the disallowance despite the expiration of the time limit for revising the return of income. en-us Fri, 01 Oct 2021 00:00:00 +0530 Mon, 04 Oct 2021 08:55:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413017 The ITAT Delhi allowed the appeal of the assessee, permitting the withdrawal of the suo moto disallowance made under section 14A of the Income Tax Act. The tribunal held that in the absence of exempt income, no disallowance under section 14A was warranted, and emphasized the importance of determining the correct tax liability in accordance with the law to tax the real income. The decision was based on legal precedents and the timeline of events, allowing the assessee to withdraw the disallowance despite the expiration of the time limit for revising the return of income. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413017