Section 14A Disallowance Restricted to Dividend Yielding Investments; FA 2022 held Prospective

Rajasthan Industries Limited Vs DCIT (ITAT Kolkata) Section 14A Amendment of Finance Act (FA) 2022 held Prospective – Disallowance restricted to Dividend Yielding Investments: ITAT Kolkata Assessee Company filed return of income declaring Rs.18,25,380 & later filed revised return with same income. During assessment, AO noticed that Assessee earned dividend income of Rs.17,06,800 which did not form part of total income. Assessee had suo motu disallowed Rs.1,30,821 u/s 14A r.w. Rule 8D. However, AO computed disallowance under Rule 8D(2)(ii) by considering all investments irrespective of wh...