Section 14A Disallowance Rejected for No Nexus With Borrowed Funds

Delite Infrastructure Pvt. Ltd Vs ACIT (ITAT Delhi)

No Section 14A Disallowance Without Nexus: ITAT Deletes ₹1.29 Cr Where Borrowed Funds Not Used for Exempt Income

The Delhi ITAT partly allowed the assessee’s appeal and held that disallowance under Section 14A read with Rule 8D was unsustainable where borrowed funds were not used for making investments yielding exempt income. The Assessing Officer had disallowed ₹1.29 crore by invoking Section 14A on the pr

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