Section 14A Disallowance Restricted as Interest-Free Funds Exceeded Investments

ACIT Vs Reliance Power Ltd (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal, Mumbai was filed by the revenue against the order passed by the Commissioner of Income Tax (Appeals)-57, Mumbai, relating to Assessment Year 2016–17. The assessment originated from an order passed under section 143(3) read with section 144C(3) of the Income Tax Act, 1961. The assessee, Reliance Power Ltd, had filed its return declaring a business loss under normal provisions and a book loss under section 115JB. During scrutiny, the Assessing Officer made a substantial disallowance under section 14A ...