https://www.taxtmi.com/caselaws?id=754038 ITAT Ahmedabad ruled on Section 14A disallowance applications. The tribunal held that Section 14A disallowance cannot be made where no exempt income was received or receivable during the relevant previous year, citing Delhi HC precedents. Additionally, any disallowance under Section 14A with Rule 8D cannot exceed the actual exempt income earned. The tribunal further determined that Section 14A disallowances cannot be added to assessee-company income for Section 115JB computation purposes, following SC dismissal of department's appeal and various HC rulings supporting this position. en-us Wed, 12 Jun 2024 00:00:00 +0530 Fri, 14 Jun 2024 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754038 ITAT Ahmedabad ruled on Section 14A disallowance applications. The tribunal held that Section 14A disallowance cannot be made where no exempt income was received or receivable during the relevant previous year, citing Delhi HC precedents. Additionally, any disallowance under Section 14A with Rule 8D cannot exceed the actual exempt income earned. The tribunal further determined that Section 14A disallowances cannot be added to assessee-company income for Section 115JB computation purposes, following SC dismissal of department's appeal and various HC rulings supporting this position. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754038