https://www.taxtmi.com/caselaws?id=754323 ITAT Kolkata allowed the assessee's appeal on disallowance u/s 14A r.w.r. 8D(2), holding that no disallowance is warranted when no exempt income was earned during the year, following Era Infrastructure precedent that disallowance cannot exceed exempt income earned. Regarding addition u/s 41(1) based on irrecoverable amounts claimed by other companies, the matter was restored to AO for fresh adjudication after assessee sought admission of additional evidence under Rule 29, with directions for full cooperation and document production. en-us Mon, 08 Apr 2024 00:00:00 +0530 Fri, 21 Jun 2024 08:17:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754323 ITAT Kolkata allowed the assessee's appeal on disallowance u/s 14A r.w.r. 8D(2), holding that no disallowance is warranted when no exempt income was earned during the year, following Era Infrastructure precedent that disallowance cannot exceed exempt income earned. Regarding addition u/s 41(1) based on irrecoverable amounts claimed by other companies, the matter was restored to AO for fresh adjudication after assessee sought admission of additional evidence under Rule 29, with directions for full cooperation and document production. Case-Laws Income Tax Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754323