https://www.taxtmi.com/caselaws?id=754684 ITAT Mumbai ruled in favor of assessee regarding disallowance under section 14A. The tribunal upheld CIT(A)'s finding that since no exempt income was earned during the assessment year, section 14A disallowance was unsustainable. The case was distinguished from Maxopp Investment Ltd. as assessee invested from own funds raised through Optional Convertible Debentures without debiting interest expenses. Following Bengal Finance Investment precedent, disallowance under section 14A cannot be added to book profit under section 115JB. The tribunal confirmed CIT(A)'s order setting aside AO's disallowances. Assessee's appeal was allowed. en-us Tue, 25 Jun 2024 00:00:00 +0530 Thu, 27 Jun 2024 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754684 ITAT Mumbai ruled in favor of assessee regarding disallowance under section 14A. The tribunal upheld CIT(A)'s finding that since no exempt income was earned during the assessment year, section 14A disallowance was unsustainable. The case was distinguished from Maxopp Investment Ltd. as assessee invested from own funds raised through Optional Convertible Debentures without debiting interest expenses. Following Bengal Finance Investment precedent, disallowance under section 14A cannot be added to book profit under section 115JB. The tribunal confirmed CIT(A)'s order setting aside AO's disallowances. Assessee's appeal was allowed. Case-Laws Income Tax Tue, 25 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754684