No Section 14A Disallowance of Expenditure for Stock-in-Trade Securities

Central Bank of India Vs Assessing Officer National Faceless Appeal Centre (ITAT Mumbai) Introduction: In a significant legal battle, Central Bank of India has emerged victorious against the Assessing Officer in a dispute over the disallowance of expenditure under Section 14A of the Income Tax Act. The Income Tax Appellate Tribunal (ITAT) Mumbai’s ruling offers valuable insights into the treatment of exempt income-earning securities held as stock-in-trade. Detailed Subheading-Wise Analysis: 1. Background of the Appeal: Central Bank of India contested an order dated 13/12/2022 issued by t...