Bombay HC: No Section 14A Disallowance Without Exempt Income

PCIT Vs Kohinoor Project Pvt. Ltd (Bombay High Court) Bombay High Court Affirms: No Section 14A Disallowance Without Actual Exempt Income Mumbai, [Current Date]: In a significant pronouncement for corporate taxpayers, the Bombay High Court has affirmed a crucial principle regarding the applicability of Section 14A of the Income Tax Act, 1961. The High Court, in the case of PCIT-6 Vs Kohinoor Project Pvt. Ltd., dismissed an appeal by the revenue, holding that no disallowance under Section 14A, read with Rule 8D, can be made for expenditure incurred in relation to earning exempt income if the as...