Disallowance u/s. 14A upheld as mandatory suo moto disallowance not made: ITAT Mumbai

Sapphire Foods India Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that disallowance under section 14A of the Income Tax Act upheld since assessee failed to compute suo moto disallowance which is mandatory, even if no exempt income is earned. Thus, appeal of assessee dismissed. Facts- The assessee is a private limited company. The case of the assessee was selected for scrutiny. AO observed that the assessee made substantial investments in shares amounting to ₹1,68,58,50,000/- in listed equities being, Gamma Pizzakraft (Overseas) Pvt. Ltd., a subsidiary company of the assessee. As per AO, as...