No Section 14A Disallowance if No Expenditure Claimed in P&L accounts

ITO Vs Mission Holding Pvt. Ltd. (ITAT Delhi) Introduction In a recent pivotal decision by the Income Tax Appellate Tribunal (ITAT) of Delhi, the case between ITO and Mission Holding Pvt. Ltd. highlighted the intricacies of disallowance under section 14A of the Income Tax Act. The crux of the verdict revolves around the treatment of revenue expenses, especially when they aren’t claimed in Profit and Loss accounts. Detailed Analysis: 1. Background of the Case The appeal for the assessment years 2013-14 and 2014-15 revolved around the disallowance under section 14A. These appeals were hear...