Section 14A disallowance not includible in book profits in terms of Section 115JB 

DCIT Vs Welspun Steel Ltd. (ITAT Mumbai) Mumbai ITAT heard the appeal by the Revenue against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] concerning Welspun Steel Ltd. for the Assessment Year 2015-16. The primary issue was the disallowance of INR 3,02,08,627 under Section 14A of the Income Tax Act, read with Rule 8D, which the CIT(A) had reduced to INR 7,43,185, aligning with the exempt income earned by the assessee. The Revenue argued that the Finance Act 2022 had amended Section 14A retrospectively, thus making the earlier court rulings on restricting disallowance to exempt...