https://www.taxtmi.com/caselaws?id=248133 The Appellate Tribunal ITAT Chennai partially allowed the Revenue's appeal regarding the disallowance under section 14A of the Income Tax Act for the assessment year 2006-07. The Tribunal directed the Assessing Officer to restrict the deduction to 2% of the dividend income earned by the assessee as expenditure attributable to earning dividend income, departing from previous judicial precedents. This decision reflected a nuanced approach considering the nexus between interest expenditure and dividend income, the applicability of Rule 8D, and the reasonableness of the disallowance. en-us Fri, 07 Mar 2014 00:00:00 +0530 Mon, 02 Jun 2014 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248133 The Appellate Tribunal ITAT Chennai partially allowed the Revenue's appeal regarding the disallowance under section 14A of the Income Tax Act for the assessment year 2006-07. The Tribunal directed the Assessing Officer to restrict the deduction to 2% of the dividend income earned by the assessee as expenditure attributable to earning dividend income, departing from previous judicial precedents. This decision reflected a nuanced approach considering the nexus between interest expenditure and dividend income, the applicability of Rule 8D, and the reasonableness of the disallowance. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248133