https://www.taxtmi.com/caselaws?id=250291 The Tribunal dismissed the assessee's appeal in its entirety, upholding the disallowances under Rule 8D(2)(iii) of the Income Tax Rules. The decision was based on the interpretation that disallowance should be made based on the average value of investments, regardless of whether they yielded exempt income. The Tribunal referenced relevant case law and emphasized the necessity to disallow expenses related to exempt income to ensure only expenses related to taxable income are allowed. The order was pronounced on 31.07.2014. en-us Thu, 31 Jul 2014 00:00:00 +0530 Fri, 08 Aug 2014 06:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250291 The Tribunal dismissed the assessee's appeal in its entirety, upholding the disallowances under Rule 8D(2)(iii) of the Income Tax Rules. The decision was based on the interpretation that disallowance should be made based on the average value of investments, regardless of whether they yielded exempt income. The Tribunal referenced relevant case law and emphasized the necessity to disallow expenses related to exempt income to ensure only expenses related to taxable income are allowed. The order was pronounced on 31.07.2014. Case-Laws Income Tax Thu, 31 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250291