https://www.taxtmi.com/caselaws?id=461377 The ITAT Mumbai dismissed the Revenue's appeal regarding disallowance under Section 14A. The assessee had not earned any exempt income, and the CIT(A) correctly held that no disallowance under Section 14A could be made in such circumstances, following the Ballarpur Industries Ltd. precedent. The AO's additional disallowance was primarily on account of interest despite the assessee's claim that no borrowed funds were used for strategic investments. The Tribunal ruled that the Finance Act 2022 amendment to Section 14A, effective from 01/04/2022, applies prospectively only, not retrospectively. The CIT(A)'s order was upheld and the Revenue's appeal was dismissed. en-us Fri, 17 May 2024 00:00:00 +0530 Wed, 02 Apr 2025 19:00:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461377 The ITAT Mumbai dismissed the Revenue's appeal regarding disallowance under Section 14A. The assessee had not earned any exempt income, and the CIT(A) correctly held that no disallowance under Section 14A could be made in such circumstances, following the Ballarpur Industries Ltd. precedent. The AO's additional disallowance was primarily on account of interest despite the assessee's claim that no borrowed funds were used for strategic investments. The Tribunal ruled that the Finance Act 2022 amendment to Section 14A, effective from 01/04/2022, applies prospectively only, not retrospectively. The CIT(A)'s order was upheld and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461377