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2021 (7) TMI 1215 - AT - Income TaxDisallowance u/s 14A - assessee has suo-moto disallowed an amount - HELD THAT:- After considering the submissions of the assessee, we are in agreement with the assessee based on the decisions of the Hon’ble High Court’s that the disallowance under section 14A is restricted to exempt income earned by the assessee. As relying on Chalet Hotels Ltd [2021 (1) TMI 1134 - ITAT MUMBAI] we are inclined to direct the assessing officer to restrict the disallowance under section 14A to the extent of exempt income earned by the assessee. Accordingly ground raised by the assessee is allowed.
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