https://www.taxtmi.com/caselaws?id=262201 The Tribunal ruled in favor of the appellant, a public limited company, in cross-appeals for assessment years 2008-09 and 2009-10 regarding disallowance under section 14A of the Income Tax Act. The Tribunal held that Rule 8D cannot be applied if the disallowance exceeds the actual expenses debited by the appellant. It was found that the appellant's self-disallowance already covered the interest expenditure, and the investments were strategic, not solely for earning exempt income. As a result, the appellant's appeals were allowed, and the revenue's appeals were dismissed. en-us Fri, 22 May 2015 00:00:00 +0530 Wed, 05 Aug 2015 06:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262201 The Tribunal ruled in favor of the appellant, a public limited company, in cross-appeals for assessment years 2008-09 and 2009-10 regarding disallowance under section 14A of the Income Tax Act. The Tribunal held that Rule 8D cannot be applied if the disallowance exceeds the actual expenses debited by the appellant. It was found that the appellant's self-disallowance already covered the interest expenditure, and the investments were strategic, not solely for earning exempt income. As a result, the appellant's appeals were allowed, and the revenue's appeals were dismissed. Case-Laws Income Tax Fri, 22 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262201