No Section 14A Disallowance Without Exempt Income: ITAT Mumbai

Saurashtra Cement Limited Vs DCIT (ITAT Mumbai) This appeal was filed by Saurashtra Cement Limited (the Assessee) against the appellate order dated February 13, 2025, passed by the Addl./Jt. Commissioner of Income Tax (Appeals)-12, Delhi, relating to the Assessment Year (A.Y.) 2016-17. The core issue of the appeal was the Assessing Officer’s (AO) addition of ₹1,15,40,253/- made under Section 14A of the Income Tax Act read with Rule 8D of the Income Tax Rules. The Assessee had filed its return of income for A.Y. 2016-17, declaring a total loss of ₹(-)1,02,03,583/-. The case was select...