https://www.taxtmi.com/caselaws?id=753964 ITAT Mumbai dismissed revenue's appeal regarding disallowance u/s 14A r.w. Rule 8D and foreign travel expenses. The tribunal held that no disallowance u/s 14A is warranted when assessee earned no exempt income from investments, relying on SC decision in PCIT v/s Oil Industry Development Board and other precedents. Regarding foreign travel expenses, ITAT upheld CIT(A)'s decision allowing the claim u/s 37(1) as expenses were incurred for business purposes including senior housing project replication in USA and attending business convention in Israel. en-us Fri, 31 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753964 ITAT Mumbai dismissed revenue's appeal regarding disallowance u/s 14A r.w. Rule 8D and foreign travel expenses. The tribunal held that no disallowance u/s 14A is warranted when assessee earned no exempt income from investments, relying on SC decision in PCIT v/s Oil Industry Development Board and other precedents. Regarding foreign travel expenses, ITAT upheld CIT(A)'s decision allowing the claim u/s 37(1) as expenses were incurred for business purposes including senior housing project replication in USA and attending business convention in Israel. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753964