https://www.taxtmi.com/caselaws?id=773412 ITAT Mumbai dismissed revenue's appeal on two grounds. First, regarding Section 14A disallowance, the tribunal held that since assessee earned no exempt income during AY 2012-13, no disallowance could be made under Section 14A read with Rule 8D. The amendment to Section 14A was effective from AY 2022-23, not applicable to the assessment year in question. Second, on unexplained share capital under Section 68, the tribunal found assessee discharged initial burden by providing confirmations, PANs, bank statements, and audited financials showing subscribers' creditworthiness. AO failed to conduct further enquiry despite directing production of subscriber companies. Mere non-appearance of directors insufficient to invoke Section 68 provisions. en-us Thu, 24 Apr 2025 00:00:00 +0530 Mon, 23 Jun 2025 08:42:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773412 ITAT Mumbai dismissed revenue's appeal on two grounds. First, regarding Section 14A disallowance, the tribunal held that since assessee earned no exempt income during AY 2012-13, no disallowance could be made under Section 14A read with Rule 8D. The amendment to Section 14A was effective from AY 2022-23, not applicable to the assessment year in question. Second, on unexplained share capital under Section 68, the tribunal found assessee discharged initial burden by providing confirmations, PANs, bank statements, and audited financials showing subscribers' creditworthiness. AO failed to conduct further enquiry despite directing production of subscriber companies. Mere non-appearance of directors insufficient to invoke Section 68 provisions. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773412