Disallowance u/s 14A restricted to amount of exempt income

Advertisement United Breweries Limited Vs DCIT (ITAT Bangalore) ITAT Bangalore held that disallowance under section 14A of the Income Tax Act is restricted to the amount of exempt income earned by the assessee. Facts- The assessment of the assessee was completed u/s 143(3) r.w.s 92CA and AO made various additions/ disallowance like depreciation on goodwill, disallowance u/s. 14A, 40(a)(ia), 43B, foreign royalty, brand promotion expense. AO also made addition of Rs. 140.49 crore and treated the amount transferred UBL Trust to the assessee as ‘long term capital gain’ and assessed the same...