Section 14A Disallowance Invalid Without Exempt Income: ITAT Ahmedabad

DCIT Vs N.K. Industries Ltd (ITAT Ahmedabad) ITAT Ahmedabad held that disallowance under section 14A of the Income Tax Act is called off in absence of any exempt income earned/ claimed. Thus, appeal of the assessee allowed and disallowance u/s. 14A set aside. Facts- Vide the present appeal the appellant/ assessee has contested addition on account of trading transactions on NSEL platform and loss incurred at Rs. 14,42,91,136/-. Notably, AO treated the same as speculative loss and CIT(A) upheld the action of AO. Further, assessee has also contested disallowance u/s. 14A of the Income Tax Act. Co...