https://www.taxtmi.com/caselaws?id=450077 The ITAT Delhi ruled in favor of the assessee on two grounds. First, regarding disallowance under section 14A for expenditure on earning exempt income, the tribunal held that since no exempt income was earned during the year, no disallowance could be made. Second, concerning MAT computation under section 115JB, the tribunal determined that rent/lease equalization reserve adjustments need not be added back while computing book profits, following precedents from Karnataka HC and Delhi HC that lease equalization charges are not covered under the relevant explanatory clauses. en-us Fri, 23 Feb 2024 00:00:00 +0530 Mon, 26 Feb 2024 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450077 The ITAT Delhi ruled in favor of the assessee on two grounds. First, regarding disallowance under section 14A for expenditure on earning exempt income, the tribunal held that since no exempt income was earned during the year, no disallowance could be made. Second, concerning MAT computation under section 115JB, the tribunal determined that rent/lease equalization reserve adjustments need not be added back while computing book profits, following precedents from Karnataka HC and Delhi HC that lease equalization charges are not covered under the relevant explanatory clauses. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450077