Disallowance under Section 14A Not Applicable for Stock in Trade Securities

PCIT Vs Punjab National Bank (Erstwhile United Bank of India) (Delhi High Court) In a significant legal development, the Delhi High Court recently rendered a judgment in the case of Punjab National Bank (Erstwhile United Bank of India) regarding disallowance under Section 14A of the Income Tax Act, 1961. This case, which has been the subject of much debate, saw the court making crucial decisions that have far-reaching implications for taxpayers and tax authorities alike. Detailed Analysis: The case revolves around two major disallowances made by the Jurisdictional Assessing Officer (JAO). The ...