https://www.taxtmi.com/caselaws?id=464485 ITAT DELHI - AT directed the AO to verify STT payment and allow exemption under s.10(38). Disallowance under s.14A was rejected: the Bench followed precedent holding s.44's non-obstante effect limits s.14A, and the tribunal was not persuaded by Revenue's contention; consequently s.14A disallowance cannot be sustained. Addition of s.14A disallowance to book profits under s.115JB was also disallowed. An addition for provisions for standard assets was deleted because Rule 5 protects profits disclosed in the P&L except for prescribed adjustments, and the CIT(A) misread the statutory scheme. en-us Fri, 24 Jan 2025 00:00:00 +0530 Fri, 31 Oct 2025 19:09:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464485 ITAT DELHI - AT directed the AO to verify STT payment and allow exemption under s.10(38). Disallowance under s.14A was rejected: the Bench followed precedent holding s.44's non-obstante effect limits s.14A, and the tribunal was not persuaded by Revenue's contention; consequently s.14A disallowance cannot be sustained. Addition of s.14A disallowance to book profits under s.115JB was also disallowed. An addition for provisions for standard assets was deleted because Rule 5 protects profits disclosed in the P&L except for prescribed adjustments, and the CIT(A) misread the statutory scheme. Case-Laws Income Tax Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464485