https://www.taxtmi.com/caselaws?id=263109 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 14A(2) read with Rule 8D(2)(ii), citing precedents supporting the consideration of net interest amounts for disallowance purposes. The disallowance of other expenses under Section 14A as per Rule 8D(iii) was rectified by the AO with no further controversy. The Tribunal supported the CIT(A)'s deletion of proportionate interest expenditure disallowance, emphasizing the exclusive incurring of interest for taxable income. The correct computation methodology under Rule 8D(2)(ii) was discussed, aligning with past legal interpretations. The Tribunal dismissed both appeals, affirming the decisions and emphasizing the importance of considering net interest amounts in disallowance computations. en-us Fri, 17 Jul 2015 00:00:00 +0530 Wed, 26 Aug 2015 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263109 The Tribunal upheld the CIT(A)'s decision to delete the addition under Section 14A(2) read with Rule 8D(2)(ii), citing precedents supporting the consideration of net interest amounts for disallowance purposes. The disallowance of other expenses under Section 14A as per Rule 8D(iii) was rectified by the AO with no further controversy. The Tribunal supported the CIT(A)'s deletion of proportionate interest expenditure disallowance, emphasizing the exclusive incurring of interest for taxable income. The correct computation methodology under Rule 8D(2)(ii) was discussed, aligning with past legal interpretations. The Tribunal dismissed both appeals, affirming the decisions and emphasizing the importance of considering net interest amounts in disallowance computations. Case-Laws Income Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263109