https://www.taxtmi.com/caselaws?id=762331 The Appellate Tribunal allowed the appeal filed by the assessee, a private limited company, and directed the deletion of the impugned addition under section 14A of the Income-tax Act, 1961, for the Assessment Year 2021-22. The Tribunal concluded that disallowance under section 14A cannot be made when no exempt income is earned during the year under consideration. It emphasized the prospective nature of the amendment to Section 14A introduced by the Finance Act, 2022, which mandates disallowance only from the assessment year commencing on or after 1 April 2022. Consequently, the Tribunal ordered the deletion of the addition, allowing the grounds raised by the assessee. en-us Wed, 27 Nov 2024 00:00:00 +0530 Thu, 28 Nov 2024 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762331 The Appellate Tribunal allowed the appeal filed by the assessee, a private limited company, and directed the deletion of the impugned addition under section 14A of the Income-tax Act, 1961, for the Assessment Year 2021-22. The Tribunal concluded that disallowance under section 14A cannot be made when no exempt income is earned during the year under consideration. It emphasized the prospective nature of the amendment to Section 14A introduced by the Finance Act, 2022, which mandates disallowance only from the assessment year commencing on or after 1 April 2022. Consequently, the Tribunal ordered the deletion of the addition, allowing the grounds raised by the assessee. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762331