Disallowance u/s 14A without scrutinizing books of accounts is unwarranted

PCIT Vs Security Printing and Mining Corporation of India Ltd (Delhi High Court) Delhi High Court held that disallowance under section 14A of the Income Tax Act without scrutinizing the accounts of the respondent/assessee unjustified in law and hence liable to be set aside. Facts- The respondent/assessee, a public sector undertaking engaged in the business of designing and printing bank notes, minting of coins, medallion seals and tokens etc., filed its return of income for A.Y. 2014-15, declaring its income to be Rs.512,53,01,630/-. The case of the respondent/assessee came under scrutiny and ...