Section 14A Disallowance Cannot Surpass Exempt Income: Delhi HC 

PCIT Vs Devata Tradelink Ltd (Delhi High Court) Introduction: Exploring the complex intersection of tax regulations and share transactions, this article delves into the case of PCIT Vs Devata Tradelink Ltd (AY 2008-09). The focus is on the treatment of interest on loans for share purchase, especially when income from shares is categorized as business income. Background: The case revolves around the assessment year 2008-09 and challenges the order by the Income Tax Appellate Tribunal. The Assessing Officer (AO) added Rs.5,06,73,874 under Section 14A of the Income Tax Act, invoking Rule 8D. Disp...