https://www.taxtmi.com/caselaws?id=766098 ITAT Lucknow allowed the assessee's appeal regarding addition under section 14A, holding that retainership fees paid to entities constituted legitimate business expenditure despite not generating commensurate business results in the assessment year. The tribunal noted that expenditure need not result in profit to be allowable, and the assessee's prompt termination of unsatisfactory retainerships demonstrated business purpose. The court also directed the Assessing Officer to provide TDS credit as per law, with Revenue raising no objection to this relief. en-us Tue, 21 Jan 2025 00:00:00 +0530 Mon, 17 Feb 2025 10:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766098 ITAT Lucknow allowed the assessee's appeal regarding addition under section 14A, holding that retainership fees paid to entities constituted legitimate business expenditure despite not generating commensurate business results in the assessment year. The tribunal noted that expenditure need not result in profit to be allowable, and the assessee's prompt termination of unsatisfactory retainerships demonstrated business purpose. The court also directed the Assessing Officer to provide TDS credit as per law, with Revenue raising no objection to this relief. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766098