Expenditure for Earning Exempt Income Inadmissible under Section 14A: SC

PCIT Vs PNB Housing Finance Ltd. (Supreme Court of India) The Supreme Court of India recently delivered a significant judgment in the case of Principal Commissioner of Income Tax (PCIT) Vs PNB Housing Finance Ltd. The crux of the matter revolves around the disallowance of expenditure attributable to earning exempt income under Section 14A of the Income Tax Act. Detailed Analysis: The judgment notes a substantial delay of 350 days in filing the Special Leave Petition, and the reasons provided for seeking condonation of the delay were not deemed satisfactory by the Court. Additionally, the High ...