https://www.taxtmi.com/caselaws?id=171025 The Tribunal partially allowed the revenue's appeal against the CIT(A)'s decision for A.Y. 2009-10 regarding disallowance under section 14A. The Tribunal restricted the disallowance to 5% under Rule 8D(2)(ii) and 10% under Rule 8D(2)(iii) due to the dominant share trading nature of the business. It emphasized that the disallowance should not exceed the actual expenditure attributable to dividend income, excluding share trading activities. The Assessing Officer was directed to re-compute the disallowance accordingly, aligning it with the specific business activities and income nature of the assessee. en-us Wed, 10 Dec 2014 00:00:00 +0530 Sat, 13 Dec 2014 11:00:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171025 The Tribunal partially allowed the revenue's appeal against the CIT(A)'s decision for A.Y. 2009-10 regarding disallowance under section 14A. The Tribunal restricted the disallowance to 5% under Rule 8D(2)(ii) and 10% under Rule 8D(2)(iii) due to the dominant share trading nature of the business. It emphasized that the disallowance should not exceed the actual expenditure attributable to dividend income, excluding share trading activities. The Assessing Officer was directed to re-compute the disallowance accordingly, aligning it with the specific business activities and income nature of the assessee. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171025