https://www.taxtmi.com/caselaws?id=765272 The ITAT Mumbai ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D. The tribunal rejected the revenue's contention that amendments to Section 14A introduced by Finance Act 2022 have retrospective effect, following the precedent in Deputy Commissioner of Income Tax vs. Welspun Steel Ltd. The revenue's ground regarding computation of book profits under Section 115JB was deemed academic, as the tax liability under normal provisions would exceed the liability under Section 115JB, resulting in assessment under normal provisions. en-us Tue, 31 Dec 2024 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765272 The ITAT Mumbai ruled in favor of the assessee regarding disallowance under Section 14A read with Rule 8D. The tribunal rejected the revenue's contention that amendments to Section 14A introduced by Finance Act 2022 have retrospective effect, following the precedent in Deputy Commissioner of Income Tax vs. Welspun Steel Ltd. The revenue's ground regarding computation of book profits under Section 115JB was deemed academic, as the tax liability under normal provisions would exceed the liability under Section 115JB, resulting in assessment under normal provisions. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765272