https://www.taxtmi.com/caselaws?id=426665 The Appellate Tribunal ITAT DELHI dismissed the appeal challenging disallowances under Section 14A for AY 2015-16. The Tribunal upheld the CIT(A)'s decision that Section 14A cannot be invoked in the absence of exempt income, citing relevant judicial precedents. The Tribunal also noted that the newly inserted Explanation to Section 14A was not retrospective, affirming the application of existing legal principles. Consequently, the Tribunal affirmed the non-applicability of Section 14A due to the absence of exempt income, leading to the dismissal of the Revenue's appeal. en-us Fri, 29 Jul 2022 00:00:00 +0530 Tue, 23 Aug 2022 08:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426665 The Appellate Tribunal ITAT DELHI dismissed the appeal challenging disallowances under Section 14A for AY 2015-16. The Tribunal upheld the CIT(A)'s decision that Section 14A cannot be invoked in the absence of exempt income, citing relevant judicial precedents. The Tribunal also noted that the newly inserted Explanation to Section 14A was not retrospective, affirming the application of existing legal principles. Consequently, the Tribunal affirmed the non-applicability of Section 14A due to the absence of exempt income, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426665