ITAT Reduces Vadilal Section 14A Disallowance to Rs. 30,000

Vadilal International Private Limited Vs DCIT (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench has partially allowed an appeal filed by Vadilal International Private Limited, reducing the disallowance made under Section 14A of the Income Tax Act, 1961, for Assessment Year 2017-18. The case concerned the disallowance of expenses incurred to earn exempt income, specifically dividend income. Vadilal International, engaged in providing trademark and copyright services for the “Vadilal” brand, had declared a total income of Rs. 3,29,13,300 for the relevant assessmen...