Clarification regarding restriction on re-opening of completed assessments on account of provisions of section 14A

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Full Text of the Document

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....4A Circular : No. 11/2001, dated 23-7-2001. 1. The Finance Act, 2001 has inserted section 14A in the Income-tax Act, 1961 wherein it was specifically provided that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income under the Act. The amendment takes effect from 1-4-1962. 2. Section 14A was introduced re....