https://www.taxtmi.com/caselaws?id=178077 The ITAT Mumbai allowed the appeal, finding flaws in the AO's disallowance computation under section 14A of the Income Tax Act, 1961. The ITAT emphasized the distinction between investments and stock in trade for accurate disallowance calculation, noting discrepancies in interest expenditure and potential application of Rule 8D(2)(i) for interest disallowance due to significant borrowing relative to own funds. The ITAT set aside the Ld CIT(A)'s order and directed a re-examination by the AO, considering all relevant information provided by the Assessee. The appeal was treated as allowed for statistical purposes, remanding the matter for fresh examination. en-us Fri, 26 Sep 2014 00:00:00 +0530 Wed, 27 Jan 2016 23:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178077 The ITAT Mumbai allowed the appeal, finding flaws in the AO's disallowance computation under section 14A of the Income Tax Act, 1961. The ITAT emphasized the distinction between investments and stock in trade for accurate disallowance calculation, noting discrepancies in interest expenditure and potential application of Rule 8D(2)(i) for interest disallowance due to significant borrowing relative to own funds. The ITAT set aside the Ld CIT(A)'s order and directed a re-examination by the AO, considering all relevant information provided by the Assessee. The appeal was treated as allowed for statistical purposes, remanding the matter for fresh examination. Case-Laws Income Tax Fri, 26 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178077