Section 14A disallowance applies to partner’s share of profits but not to Depreciation

ITAT  AHMEDABAD – SPECIAL BENCH ITA No.3002/Ahd/2009 [Asstt.Year : 2006-2007] Shri Vishnu Anant Mahajan Vs. ACIT Date of Pronouncement : 25th May, 2012 PER BENCH : Vide order dated 18-01-2012, the Hon’ble President, Income Tax Appellate Tribunal, referred the following question to this Special Bench in the case of Shri Vishnu Anant Mahajan Vs. Asstt.Commissioner of Income-tax. “Whether the ld. CIT(A) was justified in disallowing 76% of the depreciation and other related expenses by apportioning them in the ratio of exempt to taxable income by applying provisions of ...