https://www.taxtmi.com/caselaws?id=242652 The Tribunal partially allowed both appeals concerning the disallowance of expenses under Section 14A of the Income Tax Act for the assessment years 2006-07 and 2007-08. It reduced the disallowances from Rs.2,64,521/- and Rs.4,42,994/- to Rs.1,50,000/- for each respective year. The Tribunal disagreed with the application of Rule 8D by the Assessing Officer and Commissioner of Income Tax (Appeals), emphasizing the need for some expenditure to earn exempt income but finding the initial disallowance amounts excessive. en-us Wed, 26 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:45:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242652 The Tribunal partially allowed both appeals concerning the disallowance of expenses under Section 14A of the Income Tax Act for the assessment years 2006-07 and 2007-08. It reduced the disallowances from Rs.2,64,521/- and Rs.4,42,994/- to Rs.1,50,000/- for each respective year. The Tribunal disagreed with the application of Rule 8D by the Assessing Officer and Commissioner of Income Tax (Appeals), emphasizing the need for some expenditure to earn exempt income but finding the initial disallowance amounts excessive. Case-Laws Income Tax Wed, 26 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242652