No Section 14A Disallowance Without Exempt Income: ITAT Deletes Addition in Investment Case

ACIT Vs Harsha Engineers Ltd. (ITAT Ahmedabad) The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) adjudicated three appeals filed by the Income Tax Department against the orders of the Commissioner of Income Tax (Appeals) [CIT(A)] passed through the National Faceless Appeal Centre (NFAC), Delhi for Assessment Years (AYs) 2014–15, 2015–16, and 2017–18. Since the issues involved were common across the assessment years, the Tribunal disposed of all the appeals through a common order. Issue 1: Disallowance under Section 14A read with Rule 8D For AY 2016–17, the Assessing Offic...