Amendment to Section 14A via Finance Act 2022 Not Retrospective: ITAT Mumbai

DCIT Vs Edel Finance Company Ltd (ITAT Mumbai)

ITAT Mumbai held that the Finance Act, 2022 amended section 14A of the Income Tax Act doesn’t have retrospective effect. The said amended provisions are effective from 1^st April 2022.

Facts- The assessee is a public limited company registered with the Reserve Bank of India (RBI) as a Systematically important non deposit accepting non-banking financial company. The assessee is engaged in the business of corporate credit and retail group. During the impugned assessment year, the assessee invested in c

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