https://www.taxtmi.com/caselaws?id=260404 The High Court dismissed the Revenue's appeal challenging the ITAT's decision on disallowance under Section 14A read with Rule 8D of the Income Tax Act, 1961 for AY 2008-09. The Court found the initial disallowance by the AO to be incorrect and excessive, ultimately taxing the tax-exempt income of &8377; 25 lakhs by a disallowance of &8377; 37 lakhs. As there was no interest element attributable to the earning of exempt income, the Court upheld the ITAT's order, stating no substantial question of law arose. en-us Fri, 22 May 2015 00:00:00 +0530 Thu, 11 Jun 2015 06:22:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260404 The High Court dismissed the Revenue's appeal challenging the ITAT's decision on disallowance under Section 14A read with Rule 8D of the Income Tax Act, 1961 for AY 2008-09. The Court found the initial disallowance by the AO to be incorrect and excessive, ultimately taxing the tax-exempt income of &8377; 25 lakhs by a disallowance of &8377; 37 lakhs. As there was no interest element attributable to the earning of exempt income, the Court upheld the ITAT's order, stating no substantial question of law arose. Case-Laws Income Tax Fri, 22 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260404