https://www.taxtmi.com/caselaws?id=271187 The Tribunal upheld the disallowance under Section 14A of the Income-Tax Act, amounting to Rs. 11,40,553, finding a direct nexus between interest-bearing funds and tax-free income. The CIT(A) affirmed the disallowance, applying Rule 8D due to mixed funds. The Tribunal held that the Assessing Officer had implicitly satisfied the requirements of Section 14A(2). Despite the assessee's claim of non-interest bearing funds, the Tribunal concluded that a common pool of funds was used for investments, dismissing the appeal and emphasizing the applicability of Section 14A and Rule 8D in the case. en-us Fri, 30 Oct 2015 00:00:00 +0530 Wed, 27 Jan 2016 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271187 The Tribunal upheld the disallowance under Section 14A of the Income-Tax Act, amounting to Rs. 11,40,553, finding a direct nexus between interest-bearing funds and tax-free income. The CIT(A) affirmed the disallowance, applying Rule 8D due to mixed funds. The Tribunal held that the Assessing Officer had implicitly satisfied the requirements of Section 14A(2). Despite the assessee's claim of non-interest bearing funds, the Tribunal concluded that a common pool of funds was used for investments, dismissing the appeal and emphasizing the applicability of Section 14A and Rule 8D in the case. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271187