No Further Section 14A Disallowance After Reasoned Suo-Motu Adjustment

DCIT Vs Symphony Ltd. (ITAT Ahmedabad) Own funds & suo-motu disallowance enough: ITAT Ahmedabad rejects fresh 14A hit on Symphony The Ahmedabad Bench of the ITAT, in  dismissed the Revenue’s appeal and upheld deletion of disallowance of ₹3.11 crore u/s 14A r.w. Rule 8D. The Assessing Officer had made an additional disallowance u/s 14A despite the Assessee having sufficient own funds far in excess of investments and having already made a suo-motu, reasoned disallowance towards exempt income. The CIT(A), NFAC deleted the disallowance, which was challenged by the Revenue. The Tribunal no...