https://www.taxtmi.com/caselaws?id=259546 The ITAT allowed the assessee's appeal in ITA No. 7551/Mum/2012, holding that disallowance under Section 14A cannot be made in the absence of exempt income. Consequently, the disallowance was deleted. In the department's appeals (ITA Nos. 7622/Mum/2012, 86/Mum/2013, 87/Mum/2013), the ITAT dismissed the appeals, upholding decisions favoring the assessee on issues including depreciation claims and exclusion of tax-free investments from Rule 8D calculations. The orders were pronounced on 22nd April 2015. en-us Wed, 22 Apr 2015 00:00:00 +0530 Wed, 06 May 2015 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259546 The ITAT allowed the assessee's appeal in ITA No. 7551/Mum/2012, holding that disallowance under Section 14A cannot be made in the absence of exempt income. Consequently, the disallowance was deleted. In the department's appeals (ITA Nos. 7622/Mum/2012, 86/Mum/2013, 87/Mum/2013), the ITAT dismissed the appeals, upholding decisions favoring the assessee on issues including depreciation claims and exclusion of tax-free investments from Rule 8D calculations. The orders were pronounced on 22nd April 2015. Case-Laws Income Tax Wed, 22 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259546