No Retrospective Amendment to Section 14A vide Finance Act 2022: ITAT Mumbai

DCIT Vs Welspun Steel Limited (ITAT Mumbai) ITAT Mumbai, in its decision on the appeal by the Revenue, upheld the CIT(A)’s order that had partly allowed the appeal of Welspun Steel Limited regarding the disallowance made under Section 14A of the Income Tax Act, 1961. The dispute revolved around an addition of INR 7.98 crore made by the Assessing Officer under Section 14A read with Rule 8D. The CIT(A) had deleted this disallowance after noting that the Assessee did not earn any exempt income during the assessment year, and also removed the upward adjustment for computing Book Profits under Se...