https://www.taxtmi.com/caselaws?id=218203 The appeal challenged the disallowance of expenses under section 14A of the Income-tax Act amounting to Rs. 52,15,454. The court found that no interest-bearing funds were used for investments generating exempt dividend income. It was held that investments related to SEZ income should not be considered for disallowance under section 14A. The court directed the Assessing Officer to determine the disallowance on a reasonable basis without invoking rule 8D. The decision to treat SEZ income as exempt was deemed incorrect, and the matter was remitted for reassessment. The appeal was partly allowed for statistical purposes. en-us Fri, 08 Jun 2012 00:00:00 +0530 Tue, 06 Nov 2012 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218203 The appeal challenged the disallowance of expenses under section 14A of the Income-tax Act amounting to Rs. 52,15,454. The court found that no interest-bearing funds were used for investments generating exempt dividend income. It was held that investments related to SEZ income should not be considered for disallowance under section 14A. The court directed the Assessing Officer to determine the disallowance on a reasonable basis without invoking rule 8D. The decision to treat SEZ income as exempt was deemed incorrect, and the matter was remitted for reassessment. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218203