https://www.taxtmi.com/caselaws?id=242584 The Tribunal partially allowed the assessee's appeals regarding the disallowance of expenses under section 14A and the computation of book profit under section 115JB. It held that Rule 8D does not apply before AY 2008-09 and restricted the disallowance to 1% of total exempt income. Additionally, it ruled in favor of the assessee, stating that provisions for unidentified third party claims of a motor accident should not be added back while computing book profit under section 115JB, aligning with a previous decision for consistency. en-us Fri, 10 Jan 2014 00:00:00 +0530 Sat, 18 Jan 2014 10:37:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242584 The Tribunal partially allowed the assessee's appeals regarding the disallowance of expenses under section 14A and the computation of book profit under section 115JB. It held that Rule 8D does not apply before AY 2008-09 and restricted the disallowance to 1% of total exempt income. Additionally, it ruled in favor of the assessee, stating that provisions for unidentified third party claims of a motor accident should not be added back while computing book profit under section 115JB, aligning with a previous decision for consistency. Case-Laws Income Tax Fri, 10 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242584