https://www.taxtmi.com/caselaws?id=326349 The Tribunal ruled in favor of the assessee, emphasizing that the Assessing Officer must establish objective satisfaction before applying Rule 8D for disallowances under section 14A. The decision highlighted that disallowances should only pertain to expenditure directly linked to tax-exempt income and should not surpass the tax-free income amount. The Tribunal emphasized adherence to statutory requirements and proportionality in disallowance calculations under section 14A, directing the deletion of the disallowance and upholding the appeal of the assessee. en-us Fri, 11 Mar 2016 00:00:00 +0530 Wed, 13 Apr 2016 10:03:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326349 The Tribunal ruled in favor of the assessee, emphasizing that the Assessing Officer must establish objective satisfaction before applying Rule 8D for disallowances under section 14A. The decision highlighted that disallowances should only pertain to expenditure directly linked to tax-exempt income and should not surpass the tax-free income amount. The Tribunal emphasized adherence to statutory requirements and proportionality in disallowance calculations under section 14A, directing the deletion of the disallowance and upholding the appeal of the assessee. Case-Laws Income Tax Fri, 11 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326349