https://www.taxtmi.com/caselaws?id=214091 The Tribunal partially allowed the appeal, limiting the disallowance under Section 14A read with Rule 8D to the actual expenditure claimed by the assessee in the profit & loss account, which was Rs. 49,04,028 for AY 2008-09. The Tribunal emphasized that the disallowance should not exceed the expenditure actually claimed by the assessee, providing clarity on the application of Section 14A and Rule 8D in determining expenses for earning exempt income. This decision rectified the excessive disallowance imposed by the Assessing Officer, ensuring proportionality in disallowances. en-us Fri, 23 Mar 2012 00:00:00 +0530 Mon, 13 Jan 2014 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214091 The Tribunal partially allowed the appeal, limiting the disallowance under Section 14A read with Rule 8D to the actual expenditure claimed by the assessee in the profit & loss account, which was Rs. 49,04,028 for AY 2008-09. The Tribunal emphasized that the disallowance should not exceed the expenditure actually claimed by the assessee, providing clarity on the application of Section 14A and Rule 8D in determining expenses for earning exempt income. This decision rectified the excessive disallowance imposed by the Assessing Officer, ensuring proportionality in disallowances. Case-Laws Income Tax Fri, 23 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214091