https://www.taxtmi.com/caselaws?id=762205 ITAT Mumbai ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D. The tribunal held that where no exempt income was earned during the assessment years, no disallowance could be made, following Delhi HC precedents. The tribunal clarified that Finance Act 2022 amendments to Section 14A are prospective from April 1, 2022, not retrospective. Additionally, ITAT dismissed revenue's appeal on ESOP expenses, upholding CIT(A)'s deletion of additions based on established precedents from Karnataka HC and ITAT Bangalore Special Bench. en-us Thu, 17 Oct 2024 00:00:00 +0530 Tue, 26 Nov 2024 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762205 ITAT Mumbai ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D. The tribunal held that where no exempt income was earned during the assessment years, no disallowance could be made, following Delhi HC precedents. The tribunal clarified that Finance Act 2022 amendments to Section 14A are prospective from April 1, 2022, not retrospective. Additionally, ITAT dismissed revenue's appeal on ESOP expenses, upholding CIT(A)'s deletion of additions based on established precedents from Karnataka HC and ITAT Bangalore Special Bench. Case-Laws Income Tax Thu, 17 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762205