Section 14A: Shilpa Shetty Kundra gets Tax Relief

Shilpa Shetty Kundra Vs DCIT (ITAT Mumbai) It is observed that the assessee has already offered suo-moto disallowance of Rs.2.34 Lacs u/s 14A in her computation of income, which has been overlooked by the lower authorities. Another undisputed fact that emerges is that disallowance against average investments which have actually yielded exempt income during the impugned AY works out to Rs.0.84 Lacs which is less than suo-moto disallowance as offered by the assessee. It is further noted that the assessee has debited various expenditure aggregating to Rs.59.53 Lacs in the profit & loss accoun...