https://www.taxtmi.com/caselaws?id=312588 The HC dismissed the appeal challenging the ITAT's order on Section 14A of the Income Tax Act, 1961, regarding additions for exempt income. The court ruled that Section 14A does not apply when no exempt income is earned, referencing Cheminvest Ltd. vs. CIT. It also held that the 2022 amendment to Section 14A is not retrospective. Regarding prior period expenses, the court upheld the CIT(A) and ITAT's concurrent findings in favor of the assessee, noting no substantial question of law arose, as there was no prior appeal for the assessment year 2005-06. en-us Wed, 31 Aug 2022 00:00:00 +0530 Mon, 26 Feb 2024 18:11:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312588 The HC dismissed the appeal challenging the ITAT's order on Section 14A of the Income Tax Act, 1961, regarding additions for exempt income. The court ruled that Section 14A does not apply when no exempt income is earned, referencing Cheminvest Ltd. vs. CIT. It also held that the 2022 amendment to Section 14A is not retrospective. Regarding prior period expenses, the court upheld the CIT(A) and ITAT's concurrent findings in favor of the assessee, noting no substantial question of law arose, as there was no prior appeal for the assessment year 2005-06. Case-Laws Income Tax Wed, 31 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312588