Share of Profit Exempt under Section 10(2A) Not Attracts Section 14A Disallowance

ACIT Vs Dosti Realty Ltd. (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has issued a comprehensive ruling on cross-appeals filed by the Assistant Commissioner of Income Tax (ACIT) and Dosti Realty Ltd., addressing several contentious tax issues for the assessment year 2016-17. The Tribunal’s decision partially favored the revenue on the matter of depreciation on goodwill arising from amalgamation, while upholding the assessee’s claims regarding project expenses, future provisions, and certain disallowances under Section 14A of the Income-tax Act, 1961. Backgroun...