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SECTION 14A OF THE INCOME-TAX ACT, 1961 – EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME

August 17, 2024

Revision : Where assessee had made investment in tax free bonds and mutual funds, however, it had only earned exempt interest income on tax free bonds and not from mutual funds, disallowance under section 14A was to be made only in respect of investment in tax free bonds and not in respect of mutual funds, thus, impugned revision was unjustified – Cricket Club of India Ltd. v. Principal Commissioner of Income-tax – [2024] 165 taxmann.com 376 (Mumbai – Trib.)

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