Section 14A Disallowance Recomputed After Mutual Fund Exclusion

Kirloskar Pneumatic Company Limited Vs DCIT (ITAT Pune) Section 14A Disallowance Partly Set Aside; Mutual Fund Investments to Be Excluded from Rule 8D Computation The Pune Bench of the Income Tax Appellate Tribunal (ITAT) adjudicated the assessee’s appeal for AY 2020-21 challenging a disallowance of ₹47.08 lakh under section 14A confirmed by the NFAC. The assessee, a listed manufacturing company, had earned exempt income of ₹3.78 crore and had suo motu disallowed ₹2.58 lakh towards expenditure relating to such income. The Assessing Officer, after recording dissatisfaction with the asse...