https://www.taxtmi.com/caselaws?id=764582 ITAT Delhi held that disallowance under section 14A cannot be made when no exempt income exists, applicable until AY 2021-22. From AY 2022-23, disallowance is permissible even without exempt income due to statutory amendment. Regarding GST input credit claimed as expenditure, the tribunal ruled it allowable if resulting in taxable revenue receipts and not embedded in cost of goods/services. The matter was remanded to AO for verification of GST treatment in accounts to ensure revenue neutrality and proper application of deduction provisions under sections 30-43D. en-us Fri, 10 Jan 2025 00:00:00 +0530 Mon, 13 Jan 2025 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764582 ITAT Delhi held that disallowance under section 14A cannot be made when no exempt income exists, applicable until AY 2021-22. From AY 2022-23, disallowance is permissible even without exempt income due to statutory amendment. Regarding GST input credit claimed as expenditure, the tribunal ruled it allowable if resulting in taxable revenue receipts and not embedded in cost of goods/services. The matter was remanded to AO for verification of GST treatment in accounts to ensure revenue neutrality and proper application of deduction provisions under sections 30-43D. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764582