No Extra 14A Disallowance When Suo-Moto Exceeds Exempt Income: ITAT Mumbai

Bennett Coleman & Co. Ltd. Vs DCIT (ITAT Mumbai) Indexation Allowed in MAT Book Profits -No Extra 14A Disallowance When Suo-Moto Exceeds Exempt Income – Mumbai ITAT The appeal was filed by Bennett Coleman & Co. Ltd. against the order of CIT(A), NFAC, Delhi dated 27.03.2024. The primary issue concerned disallowance u/s 14A r.w.r. 8D. Assessee earned exempt dividend income of Rs.2.16 crore & had suo-moto disallowed Rs.8.92 crore in computation. AO, without pointing out any defect in the working, invoked Rule 8D & enhanced disallowance to Rs.15.18 crore, thereby making an additi...