Held that no exempt income is earned hence disallowance cannot be made. The amendments to section 14A introduced by the Finance Act, 2022 shall apply from assessment year 2022-23 and onwards, and shall not have retrospective effect. In view of this, the order of CIT(A) was upheld. (AY.2015-16)
DCIT v. Welspun Steel Ltd (Mum)(Trib)
S. 14A : Disallowance of expenditure-Exempt income-No exempt income – Disallowance cannot be made-Amendments to section 14A by Finance Act, 2022-No retrospective effect. [R. 8D]
Leave a Reply