ITAT Mumbai Restricts Section 14A Disallowance as It Cannot Exceed Exempt Income

ICICI Securities Limited Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, decided an appeal filed by the assessee for Assessment Year 2011-12 against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC). Ground No. 1 was not pressed and was dismissed. The Tribunal adjudicated the remaining issues relating to disallowance under Sections 14A, 36(1)(vii), 40(a)(ia), and related provisions of the Income Tax Act. On the disallowance under Section 14A read with Rule 8D, the assessee contended that it had earned exempt dividend income of...