https://www.taxtmi.com/caselaws?id=176507 The Tribunal ruled in favor of the assessee, holding that the disallowance under section 14A read with Rule 8D was unwarranted as the disallowance amount cannot exceed the exempt income. The disallowance was restricted to Rs. 1,485, representing demat charges, as the dividend income directly credited to the bank account did not justify the initial disallowance of Rs. 14,58,112. The Tribunal also found no nexus between interest expenditure and earning exempt income, ultimately allowing the appeal and concluding the matter on 01/01/2015. en-us Thu, 01 Jan 2015 00:00:00 +0530 Sat, 30 Apr 2016 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176507 The Tribunal ruled in favor of the assessee, holding that the disallowance under section 14A read with Rule 8D was unwarranted as the disallowance amount cannot exceed the exempt income. The disallowance was restricted to Rs. 1,485, representing demat charges, as the dividend income directly credited to the bank account did not justify the initial disallowance of Rs. 14,58,112. The Tribunal also found no nexus between interest expenditure and earning exempt income, ultimately allowing the appeal and concluding the matter on 01/01/2015. Case-Laws Income Tax Thu, 01 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176507