No Exempt Income Means No Section 14A Disallowance: ITAT Ahmedabad

Advertisement DCIT Vs Adani Total Gas Limited (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting the disallowance of ₹2,38,25,000 made under Section 14A read with Rule 8D of the Income-tax Rules for Assessment Year 2020-21. The assessee, engaged in the business of trading and transportation of natural gas and manufacturing of compressed natural gas, had filed its return of income declaring income under the normal provisions of the Income-tax Act and bo...