https://www.taxtmi.com/caselaws?id=767833 The ITAT Delhi dismissed the assessee's additional ground challenging disallowance u/s 14A, noting the assessee had itself revised the suo moto disallowance in its return, indicating the original disallowance was incorrect. The tribunal directed the AO to reconcile discrepancies in disallowance calculations and restrict disallowance to 1% of annual average monthly value of dividend-yielding investments. Regarding PMS expenses disallowance, the matter was remanded to the AO for de novo examination after factual verification of the specific purpose and utilization of such expenses, as neither lower authorities nor the assessee adequately explained the same. en-us Tue, 18 Mar 2025 00:00:00 +0530 Wed, 26 Mar 2025 06:50:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767833 The ITAT Delhi dismissed the assessee's additional ground challenging disallowance u/s 14A, noting the assessee had itself revised the suo moto disallowance in its return, indicating the original disallowance was incorrect. The tribunal directed the AO to reconcile discrepancies in disallowance calculations and restrict disallowance to 1% of annual average monthly value of dividend-yielding investments. Regarding PMS expenses disallowance, the matter was remanded to the AO for de novo examination after factual verification of the specific purpose and utilization of such expenses, as neither lower authorities nor the assessee adequately explained the same. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767833