https://www.taxtmi.com/caselaws?id=436118 The Tribunal dismissed both appeals filed by the Revenue and Assessee against the Commissioner of Income Tax (Appeals)'s order for the assessment year 2015-16. The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A to Rs. 1,59,826, emphasizing that 'income' includes 'loss' for calculating book profit. The judgment highlighted that disallowance under Section 14A should not exceed the exempt income earned during the assessment year. The appeals were dismissed on 27th March 2023. en-us Mon, 27 Mar 2023 00:00:00 +0530 Wed, 05 Apr 2023 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436118 The Tribunal dismissed both appeals filed by the Revenue and Assessee against the Commissioner of Income Tax (Appeals)'s order for the assessment year 2015-16. The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A to Rs. 1,59,826, emphasizing that 'income' includes 'loss' for calculating book profit. The judgment highlighted that disallowance under Section 14A should not exceed the exempt income earned during the assessment year. The appeals were dismissed on 27th March 2023. Case-Laws Income Tax Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436118