Rejection of disallowance offered u/s 14A after due application of mind is acceptable

H.T. Media Limited Vs PCIT (Delhi High Court) Delhi High Court held that rejection of basis adopted by the assessee of the disallowance offered under section 14A after due application of mind and considering the reply furnished by the assessee is acceptable Facts- In AY 2012-2013, the Assessee earned dividend income of Rs. 5,80,00,000/-, which was claimed as exempt income u/s. 10(34) of the Act. The Assessee had suo moto disallowed a sum of Rs.1,00,000/- as expenditure towards administrative expenses u/s. 14A of the Act, in respect of the said tax-free income. The Assessing Officer (‘AO’) ...