Disallowance u/s. 14A restricted to extent of exempted income earned during relevant year

PCIT Vs R. J. CORP. Limited (Delhi High Court)

Delhi High Court held that the disallowance under Section 14A of the Income Tax Act is to be restricted to the exempted income. Amendment to section 14A in terms of Finance Act, 2022 is prospective in nature. Accordingly, appeal of revenue dismissed.

Facts- This appeal lays a challenge to an order dated 25.08.2022, whereby the Tribunal while deciding the cross appeals filed by the appellant and the respondent herein challenging the order of CIT (A)-24 dated 08.06.2025 has allowed the appeal of Assessee resultin

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