https://www.taxtmi.com/caselaws?id=270119 The High Court affirmed the ITAT's decision upholding the CIT(A)'s order limiting the disallowance under Section 14A of the Income Tax Act to Rs. 30,26,552 for the relevant assessment year. The Court found that the ITAT's interpretation of Rule 8D(2)(ii) was in line with the legislative intent behind Section 14A, emphasizing the exclusion of interest related to taxable income. The Court dismissed the Revenue's appeal, stating that no significant legal issues were raised, ultimately upholding the lower authorities' decisions. en-us Thu, 17 Dec 2015 00:00:00 +0530 Tue, 29 Dec 2015 01:49:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270119 The High Court affirmed the ITAT's decision upholding the CIT(A)'s order limiting the disallowance under Section 14A of the Income Tax Act to Rs. 30,26,552 for the relevant assessment year. The Court found that the ITAT's interpretation of Rule 8D(2)(ii) was in line with the legislative intent behind Section 14A, emphasizing the exclusion of interest related to taxable income. The Court dismissed the Revenue's appeal, stating that no significant legal issues were raised, ultimately upholding the lower authorities' decisions. Case-Laws Income Tax Thu, 17 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270119