https://www.taxtmi.com/caselaws?id=326548 The Tribunal upheld the CIT(A)'s decision in a tax case involving disallowance of expenses under section 14A r.w.s. 8D. The disallowance was reduced based on the utilization of free funds for investments, with the Tribunal emphasizing the presumption of own funds being used for investments when both own and borrowed funds were available. The Tribunal dismissed the revenue's appeal on disallowance under rule 8D(2)(ii) and partially allowed the assessee's appeal, limiting the disallowance amount to the dividend income earned. en-us Wed, 24 Feb 2016 00:00:00 +0530 Sat, 16 Apr 2016 20:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326548 The Tribunal upheld the CIT(A)'s decision in a tax case involving disallowance of expenses under section 14A r.w.s. 8D. The disallowance was reduced based on the utilization of free funds for investments, with the Tribunal emphasizing the presumption of own funds being used for investments when both own and borrowed funds were available. The Tribunal dismissed the revenue's appeal on disallowance under rule 8D(2)(ii) and partially allowed the assessee's appeal, limiting the disallowance amount to the dividend income earned. Case-Laws Income Tax Wed, 24 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326548