https://www.taxtmi.com/caselaws?id=764593 The Bombay HC upheld the ITAT's decisions, finding no substantial questions of law. The court confirmed that disallowance under Section 14A of the Income Tax Act cannot exceed the exempt income, aligning with established precedents. It also ruled that debenture issue expenses should be treated as revenue expenditure in the year incurred, unless the assessee opts for a spread over multiple years. The appeal was dismissed, affirming the Tribunal's limitation of disallowance to the exempt income and the immediate allowance of debenture expenses, consistent with legal precedents. en-us Wed, 08 Jan 2025 00:00:00 +0530 Mon, 13 Jan 2025 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764593 The Bombay HC upheld the ITAT's decisions, finding no substantial questions of law. The court confirmed that disallowance under Section 14A of the Income Tax Act cannot exceed the exempt income, aligning with established precedents. It also ruled that debenture issue expenses should be treated as revenue expenditure in the year incurred, unless the assessee opts for a spread over multiple years. The appeal was dismissed, affirming the Tribunal's limitation of disallowance to the exempt income and the immediate allowance of debenture expenses, consistent with legal precedents. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764593