https://www.taxtmi.com/caselaws?id=248061 The ITAT Mumbai set aside the disallowance under section 14A read with Rule 8D for the Assessment Year 2007-08, noting that Rule 8D could not be applied as per the judgment of the Hon'ble Bombay High Court. The ITAT directed the AO to determine the disallowance on a reasonable basis, providing the assessee with an opportunity to be heard. Additionally, the ITAT ruled in favor of the assessee regarding the issue of levying surcharge and educational cess before adjusting MAT credit, stating that MAT credit should first reduce the tax payable, followed by levying surcharge and educational cess. As a result, the appeals filed by the assessee were allowed. en-us Wed, 24 Jul 2013 00:00:00 +0530 Fri, 05 Aug 2022 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248061 The ITAT Mumbai set aside the disallowance under section 14A read with Rule 8D for the Assessment Year 2007-08, noting that Rule 8D could not be applied as per the judgment of the Hon'ble Bombay High Court. The ITAT directed the AO to determine the disallowance on a reasonable basis, providing the assessee with an opportunity to be heard. Additionally, the ITAT ruled in favor of the assessee regarding the issue of levying surcharge and educational cess before adjusting MAT credit, stating that MAT credit should first reduce the tax payable, followed by levying surcharge and educational cess. As a result, the appeals filed by the assessee were allowed. Case-Laws Income Tax Wed, 24 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248061