Calcutta High Court Rejects Revenue's Appeal on Rule 8D

The High Court of Calcutta dismissed the Revenue's appeal on the application of rule 8D for expenditure related to earning exempt income under section 14A of the Income-tax Act, 1961. The assessee's explanation was deemed satisfactory by the appellate authority and Tribunal, resulting in the appeal's dismissal.

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The High Court of Calcutta dismissed the Revenue's appeal regarding the application of rule 8D for expenditure incurred for earning exempt income under section 14A of the Income-tax Act, 1961. The appellate authority and Tribunal found the explanation provided by the assessee to be satisfactory, leading to the dismissal of the appeal.

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