No Section 14A disallowance against expenses incurred to earn income eligible for deduction

IN THE ITAT MUMBAI BENCH ‘B’ Meditap Specialities (P.) Ltd. versus Additional Commissioner of Income-tax IT APPEAL NO. 6835 (MUM.) OF 2010 [ASSESSMENT YEAR 2007-08] JUNE 8, 2012 ORDER R.S. Syal, Accountant Member   This appeal by the assessee arises out of the order passed by the Commissioner of Income-tax (Appeals) on 06.07.2010, in relation to the assessment year 2007-2008. 2. The only issue raised in this appeal is against confirmation of disallowance of Rs. 52,15,454 u/s.14A of the Act. Briefly stated the facts of the case are that the assessee claimed exempti...