ITAT Kolkata Limited Section 14A Disallowance to Investments Yielding Exempt Income

Veedol Corporation Limited Vs DCIT (ITAT Kolkata) The assessee appealed against the order of the National Faceless Appeal Centre dated 01.07.2025 for Assessment Year 2017–18. The appeal involved three substantive issues adjudicated by the Income Tax Appellate Tribunal, Kolkata Bench. The first issue concerned disallowance of club expenses. The Assessing Officer had disallowed ₹5,81,098 on the ground that club subscription charges were personal in nature. The appellate authority deleted ₹1,53,184 relating to subscription and entry fees but sustained 50% of the remaining ₹4,27,914 toward...