https://www.taxtmi.com/caselaws?id=416901 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, holding that no further disallowance under section 14A of the Income Tax Act was necessary as the voluntary disallowance made by the assessee exceeded the exempt income. The Tribunal emphasized that the disallowance under section 14A cannot exceed the exempt income, as per established legal principles, and therefore allowed the appeal in favor of the assessee. en-us Fri, 16 Apr 2021 00:00:00 +0530 Tue, 11 Jan 2022 08:35:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416901 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, holding that no further disallowance under section 14A of the Income Tax Act was necessary as the voluntary disallowance made by the assessee exceeded the exempt income. The Tribunal emphasized that the disallowance under section 14A cannot exceed the exempt income, as per established legal principles, and therefore allowed the appeal in favor of the assessee. Case-Laws Income Tax Fri, 16 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416901