https://www.taxtmi.com/caselaws?id=179188 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to restrict the disallowance under Section 14A and confirming that the assessee had sufficient interest-free funds for its investments in exempt income. The ITAT also ruled that the provisions of Section 14A subsections (2) and (3) and Rule 8D were not applicable retrospectively. The cross-objection filed by the assessee was allowed, and the disallowance of Rs. 8.10 lakhs was also directed to be deleted. en-us Mon, 31 Dec 2012 00:00:00 +0530 Fri, 09 Jun 2017 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179188 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to restrict the disallowance under Section 14A and confirming that the assessee had sufficient interest-free funds for its investments in exempt income. The ITAT also ruled that the provisions of Section 14A subsections (2) and (3) and Rule 8D were not applicable retrospectively. The cross-objection filed by the assessee was allowed, and the disallowance of Rs. 8.10 lakhs was also directed to be deleted. Case-Laws Income Tax Mon, 31 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179188