High Court held that the AO cannot reject the disallowances offered by the assessee, without adducing any reasons .
PCIT v. Moonstar Securities Trading and Finance Co. (P.) Ltd. (2019) 105 taxmann.com 274 /263 Taxman 459 (Delhi) (HC) Editorial: SLP of revenue is dismissed, PCIT v. Moonstar Securities Trading and Finance Co. (P.) Ltd. (2019) 263 Taxman 458 (SC)
S. 14A : Disallowance of expenditure-Exempt income–AO cannot reject the disallowances offered by the assessee, without adducing any reasons. [R. 8D]