S. 14A Expenses incurred in relation to the income which does not form part of ‘business profits’ cannot be allowed as deduction

IN THE ITAT MUMBAI BENCH ‘L’ State Bank of Mauritius Ltd. versus Deputy Director of Income-tax, (International Taxation) – 2(1) IT APPEAL NOS. 2254 & 3005 (MUM.) OF 2005 [ASSESSMENT YEAR 1999-2000] OCTOBER 3, 2012 ORDER R.S. Syal, Accountant Member  These two cross appeals – one by the assessee and the other by the Revenue – arise out of the order passed by the Commissioner of Income-tax (Appeals) on 17.01.2005 in relation to the assessment year 1999-2000. 2. First ground of the assessee’s appeal is against the direction of the ld. CIT...